6.2-714 - (Effective October 1, 2010) Examinations of out-of-state bank holding companies and subsidiaries; reports; joint actions. - Virginia Statutes

§ 6.2-714. (Effective October 1, 2010) Examinations of out-of-state bankholding companies and subsidiaries; reports; joint actions.

A. The Commission shall have the authority to examine any out-of-state bankholding company owning a Virginia bank and each of its Virginia ornon-Virginia bank or nonbank subsidiaries.

B. The Commission shall require reports of each out-of-state bank holdingcompany subject to this chapter. Such reports shall be filed under oath withsuch frequency and in such scope and detail as may be appropriate for thepurpose of assuring continuing compliance with the provisions of this chapter.

C. The Commission may enter into joint actions with other regulatoryauthorities having concurrent jurisdiction over any out-of-state bank holdingcompany that has a Virginia bank subsidiary or may take such actionsindependently to carry out its responsibilities under this chapter, assurethe safety and soundness of any Virginia banks, and assure compliance withthe provisions of this chapter and the applicable banking laws of theCommonwealth.

(1985, c. 544, §6.1-404; 1994, c. 351; 2010, c. 794.)