6.2-855 - (Effective October 1, 2010) Examinations and periodic reports. - Virginia Statutes

§ 6.2-855. (Effective October 1, 2010) Examinations and periodic reports.

A. The Commission may make such examinations of any branch of an out-of-statestate bank located in the Commonwealth as the Commission may deem necessaryto determine whether the branch is operating in compliance with the laws ofthe Commonwealth and to ensure that the branch is being operated in a safeand sound manner. The provisions of § 6.2-901 shall apply to suchexaminations.

B. The Commission may require periodic reports from any out-of-state bankthat maintains a branch in the Commonwealth to the extent such reportingrequirements (i) apply equally to similarly situated banks having theCommonwealth as their home state and (ii) are not preempted by federal law.Such reports shall be filed under oath with such frequency and in such scopeand detail as may be appropriate for the purpose of assuring continuingcompliance with the provisions of this article.

(1995, c. 301, § 6.1-44.22; 2010, c. 794.)