Virginia Code 6.2-714: Examinations of out-of-state bank holding companies and subsidiaries; reports; joint actions
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.
Terms Used In Virginia Code 6.2-714
- Bank holding company: has the meaning assigned to it in 12 U. See Virginia Code 6.2-700
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Out-of-state bank holding company: means a bank holding company that has as its home state a state other than the Commonwealth. See Virginia Code 6.2-700
- Subsidiary: means an entity over which another person has control. See Virginia Code 6.2-700
- Virginia bank: means a bank that is organized under the laws of the Commonwealth or of the United States and that has the Commonwealth as its home state. See Virginia Code 6.2-700
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.