6.2-843 - (Effective October 1, 2010) Examination; periodic reports; cooperative agreements; assessment of fees.
§ 6.2-843. (Effective October 1, 2010) Examination; periodic reports;cooperative agreements; assessment of fees.
A. The Commission may make such examinations of any branch established underthis article by an out-of-state state bank as the Commission may deemnecessary to determine whether the branch is operating in compliance with thelaws of the Commonwealth and to ensure that the branch is being operated in asafe and sound manner. The provisions of § 6.2-901 shall apply to suchexaminations.
B. The Commission may require periodic reports from any out-of-state bankthat maintains a branch in the Commonwealth to the extent such reportingrequirements (i) apply equally to similarly situated banks having theCommonwealth as their home state and (ii) are not preempted by federal law.Such reports shall be filed under oath with such frequency and in such scopeand detail as may be appropriate for the purpose of assuring continuingcompliance with the provisions of this article.
C. The Commission may enter into cooperative agreements with the appropriatestate bank supervisors and federal banking agencies for the periodicexamination of any branch in the Commonwealth of an out-of-state state bank,or any branch of a Virginia state bank in any host state, and may accept suchagencies' reports of examination and reports of investigation in lieu ofconducting its own examinations or investigations. The Commission may enterinto joint enforcement actions with other state bank supervisors and federalbanking agencies having concurrent jurisdiction over any branch of anout-of-state state bank or any branch of a Virginia state bank, or may takesuch actions independently to carry out its responsibilities under thisarticle and to assure compliance with the laws of the Commonwealth.
D. Out-of-state state banks may be assessed and, if assessed, shall paysupervisory and examination fees in accordance with the laws of theCommonwealth and regulations of the Commission. Such fees may be shared withother state and federal regulators in accordance with agreements between themand the Commission.
(1995, c. 301, § 6.1-44.9; 2010, c. 794.)