§ 19-6-2 - Examination powers. - Rhode Island Statutes

SECTION 19-6-2

   § 19-6-2  Examination powers. – Whenever the director or the director's designee considers it advisable, he orshe may make or cause to be made an examination of each Rhode Island bankholding company. The director or the director's designee(s) may also examineany deposit-taking subsidiary of the bank holding company that fails to meetits minimum capital requirements under applicable federal law or has receivedfrom its principal bank regulator, as its last composite rating based oncapital, asset quality, management, earnings, and liquidity (CAMEL) or similarregulatory rating, a three, four, five, or other unsatisfactory rating. Thedirector or the director's designee shall have the same examination power andauthority as he or she has for the examination of regulated institutions. Thetotal cost of these examinations shall be paid in the same manner as otherregulated institutions pursuant to this title. In lieu of this examination, thedirector or the director's designee shall accept the report of an examinationmade within the last fifteen (15) months by any federal bank regulatory agencyor the equivalent supervisory official of another state, pursuant to the lawsof that state.