Upon finding that any activity of a financial institution holding company, including the control of an entity other than a Virginia financial institution, is or may be detrimental to the safety or soundness of a financial institution that is subject to regulation under the laws of the Commonwealth, the Commission, after reasonable notice to the financial institution holding company and an opportunity for it to be heard, shall have authority to order it to cease and desist from such activity.

Terms Used In Virginia Code 6.2-708

  • Commission: means the State Corporation Commission. See Virginia Code 6.2-100
  • Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. 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
  • Virginia financial institution: means a financial institution authorized to do business in the Commonwealth. See Virginia Code 6.2-700

1978, c. 683, § 6.1-385; 2010, c. 794.

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