                                 CODE OF VIRGINIA

EXAMINATION; PERIODIC REPORTS; COOPERATIVE AGREEMENTS; ASSESSMENT OF FEES (§
6.2-843)

A. The Commission may make such examinations of any branch established under
this article by an out-of-state state bank as the Commission may deem necessary
to determine whether the branch is operating in compliance with the laws of the
Commonwealth and to ensure that the branch is being operated in a safe and sound
manner. The provisions of &#xA7; 6.2-901 shall apply to such examinations.

B. The Commission may require periodic reports from any out-of-state bank that
maintains a branch in the Commonwealth to the extent such reporting requirements
(i) apply equally to similarly situated banks having the Commonwealth 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 scope and detail as may be
appropriate for the purpose of assuring continuing compliance with the
provisions of this article.

C. The Commission may enter into cooperative agreements with the appropriate
state bank supervisors and federal banking agencies for the periodic examination
of any branch in the Commonwealth of an out-of-state state bank, or any branch
of a Virginia state bank in any host state, and may accept such agencies&#8217;
reports of examination and reports of investigation in lieu of conducting its
own examinations or investigations. The Commission may enter into joint
enforcement actions with other state bank supervisors and federal banking
agencies having concurrent jurisdiction over any branch of an out-of-state state
bank or any branch of a Virginia state bank, or may take such actions
independently to carry out its responsibilities under this article and to assure
compliance with the laws of the Commonwealth.

D. Out-of-state state banks may be assessed and, if assessed, shall pay
supervisory and examination fees in accordance with the laws of the Commonwealth
and regulations of the Commission. Such fees may be shared with other state and
federal regulators in accordance with agreements between them and the
Commission.

HISTORY: 1995, c. 301, § 6.1-44.9; 2010, c. 794.