6.1-194.45 - (Repealed effective October 1, 2010) Examination and supervision of foreign savings institutions. - Virginia Statutes

§ 6.1-194.45. (Repealed effective October 1, 2010) Examination andsupervision of foreign savings institutions.

A. Each foreign savings institution authorized to transact business in theCommonwealth shall furnish to the Commissioner a copy of all periodic reportsof examinations of the institution conducted by all supervisory agencieswhich examine the institution to determine its financial soundness. Suchreports shall include, but are not limited to, the examination reports of theFederal Deposit Insurance Corporation or other federal examining agency. Suchreport copies shall be furnished to the Commissioner within ten days afterthe institution receives the report and shall be in certified form or suchother form as is acceptable to the Commissioner. In determining whether suchinstitution is in sound financial condition, the Commissioner shall beentitled to rely solely on such examination reports.

B. The Commission shall enter into cooperative agreements with othersupervisory authorities for purposes of determining the financial soundnessof the foreign savings institutions doing business in the Commonwealth. TheCommission may enter into joint actions with other supervisory authoritieshaving concurrent jurisdiction over foreign savings institutions doingbusiness in the Commonwealth or may take such actions independently to carryout its responsibilities under this chapter and assure compliance with theprovisions of this chapter and other applicable financial institution laws ofthe Commonwealth.

(1985, c. 425; 1990, c. 3.)