6.2-1162 - (Effective October 1, 2010) Periodic reports; interstate agreements. - Virginia Statutes

§ 6.2-1162. (Effective October 1, 2010) Periodic reports; interstateagreements.

A. The Commission may examine any out-of-state savings institution holdingcompany owning a Virginia savings institution and each of its Virginia ornon-Virginia savings institution or nonsavings institution subsidiaries andshall require reports of each savings institution holding company subject tothis chapter. Such reports shall be filed under oath with such frequency andin such scope and detail as may be appropriate for the purpose of assuringcontinuing compliance with the provisions of this chapter.

B. Prior to approving an acquisition under the provisions of this article,the Commission shall enter into cooperative agreements with the appropriateregulatory authorities for the periodic examination of any savingsinstitution holding company that has a Virginia savings institutionsubsidiary or any subsidiary of such holding company and may accept reportsof examination and other records from such authorities in lieu of conductingits own examinations. The Commission may enter into joint actions with otherregulatory authorities having concurrent jurisdiction over any savingsinstitution holding company that has a Virginia savings institutionsubsidiary or may take such actions independently to carry out itsresponsibilities under this chapter, assure the safety and soundness of anyVirginia savings institution, and assure compliance with the provisions ofthis chapter and the applicable savings institution laws of the Commonwealth.

(1985, c. 425, § 6.1-194.103; 1994, c. 353; 2010, c. 794.)