A. The Commission shall have the authority to examine any out-of-state bank holding company owning a Virginia bank and each of its Virginia or non-Virginia bank or nonbank subsidiaries.
B. The Commission shall require reports of each out-of-state bank holding company subject to this chapter. Such reports shall be filed under oath with such frequency and in such scope and detail as may be appropriate for the purpose of assuring continuing compliance with the provisions of this chapter.
C. The Commission may enter into joint actions with other regulatory authorities having concurrent jurisdiction over any out-of-state bank holding company that has a Virginia bank subsidiary or may take such actions independently to carry out its responsibilities under this chapter, assure the safety and soundness of any Virginia banks, and assure compliance with the provisions of this chapter and the applicable banking laws of the Commonwealth.
1985, c. 544, § 6.1-404; 1994, c. 351; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 7 - Acquisitions of Interests in Financial Institutions
§ 6.2-702. Registration; authority to transact business
§ 6.2-705. Investigation of application
§ 6.2-706. Cooperative agreements with other regulatory authorities
§ 6.2-707. Reports and examinations
§ 6.2-708. Unsafe or unsound practices; cease and desist orders
§ 6.2-709. Conformity with federal forms
§ 6.2-710. Regulations excluding financial institution holding companies from this chapter
§ 6.2-711. Civil penalties; injunction