§ 11504 - Examinations; cooperative agreements - Vermont Statutes

§ 11504. Examinations; cooperative agreements

(a) To the extent consistent with subsection 11505(a) of this title, the commissioner may make such examinations of any branch established and maintained in this state pursuant to chapter 205 of this title by a state financial institution as the commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The provisions of sections 18, 19, 11501, 11502 and 11503 of this title shall apply to such examinations.

(b) The commissioner may enter into contracts with any financial institution supervisory agency that has concurrent jurisdiction over a Vermont financial institution or a state financial institution maintaining a branch, agency, office or location in this state to engage the services of such supervisory agency's examiners, or to provide the services of the commissioner's examiners to such supervisory agency.

(c) The commissioner may enter into joint examinations or joint enforcement actions with other supervisory agencies having concurrent jurisdiction over any branch, agency, office, or location established and maintained in this state by a state financial institution or any branch, agency, office, or location located in any host state that is established and maintained by a Vermont financial institution; provided, that the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this title or to ensure compliance with the laws of this state; but provided further, that, in the case of a financial institution that has its principal place of business in a state other than this state, the commissioner shall recognize the exclusive authority of the home state regulator over organizational governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)