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District of Columbia Official Code 2001 Edition. |
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Division V. Local Business Affairs. |
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Title 26. Banks and Other Financial Institutions. |
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Chapter 5B. Administration of the Banking Code. |
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Subchapter II. Abolishment of Department of Banking and Financial Institutions; Commissioner of the Department of Banking and Financial Institutions.
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Subchapter II. Abolishment of Department of Banking and Financial Institutions; Commissioner of the Department of Banking and Financial Institutions.
(a) Repealed.
(b) The Department shall administer the provisions of the District of Columbia Banking Code on behalf of the Mayor.
(c) The Department of Banking and Financial Institutions and the position of the Commissioner of the Department of Banking and Financial Institutions are abolished.
(d) Repealed.
(e) Repealed.
(f) Repealed.
(g) References in any statute, regulation, or rule of the District to the Superintendent of the Office of Banking and Financial Institutions or the Office of Banking and Financial Institutions shall mean the Commissioner and the Department, respectively.
(h) Repealed.
(June 9, 2001, D.C. Law 13-308, § 103, 48 DCR 3244; Oct. 19, 2002, D.C. Law 14-213, § 18(c), 49 DCR 8140; June 11, 2004, D.C. Law 15-166, § 2(b), 51 DCR 2817.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 14-213, in subsec. (c), validated a previously made technical correction.
D.C. Law 15-166, in the section name line, substituted "Administration of the District of Columbia Banking Code." for "Advisory Neighborhood Commissions-Duties and responsibilities; notice; great weight; access to documents; reports; contributions."; repealed subsecs. (a), (d), (e), (f), and (h); in subsec. (b), deleted "of Banking and Financial Institutions is established and" following 'The Department"; rewrote subsec. (c); and, in subsec. (g), deleted the second sentence which had read "All agreements entered into with, and correspondence, invoices, certificates of operation, licenses, orders, memoranda, and regulations issued by, the Superintendent of the Office of Banking and Financial Institutions and the Office of Banking and Financial Institutions shall continue in effect as if the agreements entered into with, and correspondence, invoices, certificates of operation, licenses, orders, memoranda, and regulations were issued by, the Commissioner or the Department, respectively." Prior to amendment, subsecs. (a), (c), (d), (e), (f), and (h) had read as follows:
"(a) The position of the Superintendent of the Office of Banking and Financial Institutions and the Office of Banking and Financial Institutions are abolished."
"(c) The position of the Commissioner of the Department of Banking and Financial Institutions is established. The Commissioner is the head of the Department of Banking and Financial Institutions and shall administer the Department in accordance with this chapter.
"(d) All powers, duties, responsibilities, and functions of the Superintendent of the Office of Banking and Financial Institutions and of the Office of Banking and Financial Institutions shall be transferred upon June 9, 2001, to the Commissioner and the Department, respectively.
"(e) The Commissioner and the Department shall be the successors in interest to all the rights, obligations, and property of the Superintendent of the Office of Banking and Financial Institutions and the Office of Banking and Financial Institutions, respectively. The Commissioner and the Department shall assume all of the debts, liabilities, and assets of the Superintendent of the Office of Banking and Financial Institutions and the Office of Banking and Financial Institutions, respectively.
"(f) Any pending action or proceeding by or against the Superintendent of the Office of Banking and Financial Institutions or the Office of Banking and Financial Institutions may be prosecuted to judgment, and the judgment shall bind the Commissioner and the Department. In any pending action or proceeding by or against the Superintendent of the Office of Banking and Financial Institutions or the Office of Banking and Financial Institutions, the Commissioner and the Department may be substituted in place of the Superintendent of the Office of Banking and Financial Institutions or the Office of Banking and Financial Institutions, respectively."
"(h) All employees of the Office of Banking and Financial Institutions shall, upon June 9, 2001, become employees of the Department and all rights, benefits, seniority, and compensation of any nature shall continue uninterrupted."
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 802 of Fiscal Year 2002 Budget Support Emergency Act of 2001 (D.C. Act 14-124, August 3, 2001, 48 DCR 7861).
For temporary (90 day) amendment of section, see § 2(b) 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 § 26-551.01.
For Law 14-213, see notes following § 26-131.02.
For Law 15-166, see notes following § 26-131.02.
Delegation of Authority
Delegation of Authority to Administer the Junior Super $avers Club Program, see Mayor's Order 2001-157, October 12, 2001 (48 DCR 9888); Mayor's Order 2001- 158, October 12, 2001 (48 DCR 9890).
Miscellaneous Notes
Section 802 of D.C. Law 14-28 provides:
"Sec. 802. (a) All positions, personnel, property, records, and unexpended balances of appropriations, allocations, and other funds available or to be made available to the Department of Consumer and Regulatory Affairs for the operation and implementation of An Act To regulate the business of loaning money on security of any kind by persons, firms, and corporations other than national banks, licensed bankers, trust companies, savings banks, building and loan associations, and real estate brokers in the District of Columbia, approved February 4, 1913 (37 Stat. 657; D.C. Official Code 26-901 et seq.), Chapter 46 of Title 28 of the District of Columbia Official Code, and Chapter 1 of Title 16 of the District of Columbia Municipal Regulations (16 DCMR 100 et seq.), are hereby transferred to the Department of Banking and Financial Institutions, established by section 103 of the 21st Century Financial Modernization Act of 2000, signed by the Mayor on January 26, 2001 (D.C. Act 13-597; 48 DCR 3244).
"(b) All of the functions assigned and authority delegated to the Department of Consumer and Regulatory Affairs concerning An Act To regulate the business of loaning money on security of any kind by persons, firms, and corporations other than national banks, licensed bankers, trust companies, savings banks, building and loan associations, and real estate brokers in the District of Columbia, approved February 4, 1913 (37 Stat. 657; D.C. Official Code 26-901 et seq.), Chapter 46 of Title 28 of the District of Columbia Official Code, and Chapter 1 of Title 16 of the District of Columbia Municipal Regulations (16 DCMR 100 et seq.), are hereby transferred to the Department of Banking and Financial Institutions, established by section 103 of the 21st Century Financial Modernization Act of 2000, signed by the Mayor on January 26, 2001 (D.C. Act 13-597; 48 DCR 3244)."
(June 9, 2001, D.C. Law 13-308, § 104, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(c), 51 DCR 2817.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) repeal of section, see § 2(c) 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 § 26-551.01.
For Law 15-166, see notes following § 26-131.02.
(a) The Commissioner shall:
(1) Administer the District of Columbia Banking Code;
(2) Promote and maintain a climate and regulatory framework that will encourage financial institutions to organize to do business in the District and contribute to the economic development of the District through the increased availability of capital and credit;
(3) Expand advantageous financial services to the public in a nondiscriminatory manner;
(4) Charter, regulate, supervise, and examine banks, savings institutions, credit unions, trust companies, and other financial institutions engaged, or seeking to engage, in the business of banking in the District;
(5) License, regulate, supervise, and examine non-depository financial institutions engaged in regulated activity in the District;
(6) Regulate the opening or closing of branches, agencies, offices, or other facilities by financial institutions under the authority and supervision of the Commissioner;
(7) Approve or disapprove mergers or acquisitions involving District financial institutions or financial institution holding companies;
(8) Monitor community development commitments of financial institutions chartered, organized, or doing business in the District;
(9) Approve or disapprove changes in control of financial institutions chartered or organized in the District;
(10) Approve or disapprove conversions of federally-chartered institutions into District-chartered financial institutions;
(11) Promulgate regulations, rules, policy statements, interpretations, and opinions necessary or appropriate to carry out the purposes of the District of Columbia Banking Code;
(12) Assure that all financial institutions engaged in regulated activity in the District, under the supervision or control of the Commissioner, or seeking to do business into the District of Columbia under the District of Columbia Banking Code provide financial services to the public in a manner that fosters the development and revitalization of housing and commercial corridors in underserved neighborhoods in the District, help meet the credit and deposit service needs of lower income and minority residents of the District, and expand financial and technical support for small, minority, and women-owned businesses;
(13) Investigate possible violations of the District of Columbia Banking Code and take any authorized action upon finding a violation;
(14) Examine or audit a financial institution, bank holding company, affiliate, or subsidiary to assure that the financial institution bank holding company, affiliate, or subsidiary is operating in compliance with the law and in a manner that preserves safety and soundness;
(15) Request or pursue a restraining order, the appointment of a receiver or conservator, the involuntary dissolution of a corporation, or the freezing or seizure of assets of a person associated with a violation or possible violation of the District of Columbia Banking Code;
(16) In all respects permitted by law, act as the District government's regulatory authority for financial institutions operating in the District; and
(17) Recommend to the Mayor annually, or at any other time, any necessary changes to District laws dealing with banking or other areas within the jurisdiction of the Commissioner.
(b) The Commissioner shall be responsible for the performance of all duties, the exercise of all powers and jurisdiction, and the assumption and discharge of all responsibilities vested by law in the Department or the Commissioner. The Commissioner shall have all powers necessary or convenient for the administration and enforcement of the District of Columbia Banking Code.
(b-1)(1) To determine a financial institution's eligibility to conduct a regulated activity under the District of Columbia Banking Code, the Commissioner may require each organizer, partner, director, officer, and owner with a controlling interest in the financial institution to submit to the Commissioner his or her fingerprints, contact information, and other identifying information, along with written consent to the performance of a criminal history record background check.
(2) The Commissioner may exchange the fingerprints and other information with, and receive criminal history record background information from, the Metropolitan Police Department and the Federal Bureau of Investigation for the purposes of facilitating the Commissioner's determination.
(3) The individual or financial institution associated with the regulated activity requiring the Commissioner's determination shall bear the cost of the criminal history record background check and all costs of administering and processing the background check.
(c) The Commissioner may promulgate rules and regulations necessary or appropriate to the execution of the Commissioner's powers, duties, and responsibilities.
(d) The Commissioner may enter into agreements that the Commissioner considers necessary or appropriate to the exercise of his or her powers, including agreements with agencies or instrumentalities of the District, states and territories of the United States of America, or the federal government, for the examination of banks, savings institutions, credit unions, trust companies, and other financial institutions.
(e) The Commissioner, in the performance of the duties and responsibilities of the Department, may enter into contracts with the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, District agencies, other state or federal banking agencies, or any other entity, for those services necessary to carry out the duties and responsibilities of the Commissioner and the Department.
(f) The Commission may establish and modify fees to implement the District of Columbia Banking Code.
(June 9, 2001, D.C. Law 13-308, § 105, 48 DCR 3244; Apr. 13, 2005, D.C. Law 15-354, § 35(b), 52 DCR 2638; June 20, 2012, D.C. Law 19-143, § 201(b), 59 DCR 4069.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 15-354, in subsec. (a)(12), substituted "Commissioner" for "Department of Banking and Financial Institutions".
D.C. Law 19-143 added subsec. (b-1).
Legislative History of Laws
For Law 13-308, see notes following § 26-551.01.
Law 15-354, the "Technical Amendments Act of 2004", was introduced in Council and assigned Bill No. 15-1130 which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on December 7, 2004, and December 21, 2004, respectively. Signed by the Mayor on February 9, 2005, it was assigned Act No. 15-770 and transmitted to both Houses of Congress for its review. D.C. Law 15-354 became effective on April 13, 2005.
For history of Law 19-143, see notes under § 26-551.02.
