6.2-1153 - (Effective October 1, 2010) Examination and supervision of foreign savings institutions. - Virginia Statutes

§ 6.2-1153. (Effective October 1, 2010) Examination and supervision offoreign 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 agencies thatexamine the institution to determine its financial soundness. Such reportsshall include the examination reports of the Federal Deposit InsuranceCorporation or other federal examining agency. Such report copies shall befurnished to the Commissioner within 10 days after the institution receivesthe report and shall be in certified form or such other form as is acceptableto the Commissioner. In determining whether such institution is in soundfinancial condition, the Commissioner shall be entitled to rely solely onsuch 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, § 6.1-194.45; 1990, c. 3; 2010, c. 794.)