This chapter may be cited as the "Universal Bank Certification Act of 2000".
(June 9, 2001, D.C. Law 13-308, § 201, 48 DCR 3244.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 13-308, the "21st Century Financial Modernization Act of 2000", was introduced in Council and assigned Bill No. 13-867, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on November 8, 2000, and December 5, 2000, respectively. Signed by the Mayor on January 26, 2001, it was assigned Act No. 13-597 and transmitted to both Houses of Congress for its review. D.C. Law 13-308 became effective on June 9, 2001.
For the purposes of this chapter, the term:
(1) "Affiliate" shall have the same meaning as set forth in § 26-551.02(1).
(2) "Appropriate federal financial institutions agency" shall have the same meaning as set forth in § 26-551.02(2).
(3) "Bank holding company" shall have the same meaning as set forth in section 2(a) of the Bank Holding Company Act of 1956, approved May 9, 1956 (70 Stat. 133; 12 U.S.C. § 1841(a)).
(4) "Capital" shall have the same meaning as set forth in § 26-551.02(6).
(5) "Capital accounts" means unimpaired capital stock, unimpaired surplus, and undivided profits or retained earnings of a financial institution.
(6) "Capital stock" means the aggregate of shares of nonwithdrawable capital stock issued.
(7) "Commissioner" shall have the same meaning as set forth in § 26- 551.02(7).
(8) "Community Reinvestment Act" means the Community Reinvestment Act of 1977, approved October 12, 1977 (91 Stat. 1147; 12 U.S.C. § 2901 et. seq.).
(9) "Department" shall have the same meaning as set forth in § 26-551.02(9).
(10) "Director" shall have the same meaning as set forth in § 26-551.02(10).
(11) "District" means the District of Columbia.
(12) "District of Columbia Banking Code" shall have the same meaning as set forth in § 26-551.01(14).
(13) "District savings institution" shall have the same meaning as set forth in § 26-551.02(15).
(14) "Equity securities" means a security representing an ownership interest in a corporation.or independent agency head
(15) "Federal agency" shall have the same meaning as set forth in § 26- 551.02(17).
(16) "Federal financial institutions agency" means a federal government agency with regulatory authority over a financial institution.
(17) "Federally chartered savings institutions" means a financial institution chartered by the Office of Thrift Supervision, or a successor agency to the Office of Thrift Supervision.
(18) "Financial institution" shall have the same meaning as set forth in § 26-551.02(18).
(19) "Investment securities" means commercial paper, banker's acceptances, marketable securities in the form of bonds, notes, and debentures, and similar instruments that are regarded as investment securities.
(20) "Loan" includes a line of credit or other extension of credit.
(21) "Low-income" means an individual income that is less than 60% of the median individual income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development or a median family income that is less than 60% of the median family income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development.
(22) "Moderate-income" means an individual income that is at least 60%, and less than 80%, of the median individual income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development, or a median family income that is at least 60%, and less than 80%, of the median family income for the Washington, D.C. metropolitan area according to the statistics of the United States Department of Housing and Urban Development.
(23) "National bank" means a financial institution chartered and supervised by the Office of the Comptroller of the Currency, or a successor agency to the Office of the Comptroller of the Currency.
(24) "Person" shall have the same meaning as set forth in § 26-551.02(21).
(25) "Savings institution" shall have the same meaning as set forth in § 26- 551.02(23).
(26) "State bank" means a bank chartered and supervised by a financial institutions agency of a state of the United States.
(27) "State financial institutions agency" means a government agency of a state of the United States authorized to charter and supervise financial institutions.
(28) "Subsidiary" shall have the same meaning as set forth in § 26- 551.02(24).
(29) "Superior Court" means the Superior Court of the District of Columbia.
(30) "Universal bank" means a financial institution which is authorized by its articles of incorporation or other organizational documents to act as a financial institution and is certified under this chapter as a universal bank.
(June 9, 2001, D.C. Law 13-308, § 202, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(e), 51 DCR 2817.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 15-166 rewrote pars. (7) and (9) which had read as follows:
"(7) 'Commissioner' means the Commissioner of the Department of Banking and Financial Institutions."
"(9) 'Department' means the Department of Banking and Financial Institutions."
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 2(e) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
Legislative History of Laws
For Law 13-308, see notes following § 26-1401.01.
For Law 15-166, see notes following § 26-131.02.
