January 20, 2021 — Scott Weaver, Willow Street General Counsel and Chief Fiduciary Officer, testified today before the Wyoming House of Representatives Committee on Minerals, Business & Economic Development. He spoke on behalf of both Willow Street and the Wyoming Trust Association, of which he is a Director.
Mr. Weaver’s remarks concerned HB0006, which proposes amendments establishing procedures for mergers and acquisitions of state-chartered trust companies and amending the composition of the state Banking Board to include public trust company members.
Mr. Weaver testified that the trust industry would benefit from the Banking Division “having clearer statutory authority to oversee and regulate mergers of trust companies organized or operating within the state.” Mr. Weaver also said that “Willow Street and the WTA are in favor of adding a representative on behalf of the non-depository trust industry in order to bring additional subject matter experience and expertise to the state Banking Board in recognition and furtherance of this growing industry.”
Mr. Weaver said such statutory enhancements were important to the continued effective regulatory oversight of the trust industry in Wyoming. He noted that “during 2020, our firm hired eight new full-time professional staff, COVID notwithstanding, and increased its collaboration with Wyoming-based attorneys, banks, public accounting firms, and investment advisors” as an example of the broader economic and employment benefits to the state of Wyoming arising from a well-regulated and growing trust industry.
Phillip Harrington, Chairman and CEO of Willow Street, said, “Willow Street’s reputation and people are critical to our success as a leading independent trust company. Equally important is strong and effective regulatory oversight, which is why we fully support legislative measures that enhance and protect the reputation of Wyoming generally as a trust jurisdiction.”