Virginia Code 6.2-707: Reports and examinations
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The Commission may require any financial institution holding company that controls a Virginia financial institution to furnish such reports as it deems appropriate to the proper supervision of such holding companies. Unless the Commission determines otherwise, reports prepared for federal authorities may be submitted by such holding company in satisfaction of the requirements of this section. If, in the judgment of the Commission, such information and reports are inadequate for the Commission’s intended purposes, the Commission may examine any such financial institution holding company and any subsidiary doing business in the Commonwealth.
Terms Used In Virginia Code 6.2-707
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
- Financial institution holding company: means any person that has control over any financial institution or that has control over any person that controls any financial institution. See Virginia Code 6.2-700
- Subsidiary: means an entity over which another person has control. See Virginia Code 6.2-700
- Virginia financial institution: means a financial institution authorized to do business in the Commonwealth. See Virginia Code 6.2-700
1978, c. 683, § 6.1-384; 1983, c. 194; 2010, c. 794.