§ 26-551.10. Examinations of financial institutions.

Current through October 23, 2012

(a) The Commissioner shall hire and commission examiners who shall have the authority to examine any financial institution doing business in the District.

(b) In cooperation with the appropriate federal financial institutions agency, if any, the Commissioner shall examine, or cause to be examined, each financial institution doing business in the District at least once every 18 months. The examination shall analyze and determine whether the financial institution is in a safe and sound condition and operating in a safe and sound manner and shall monitor and determine the financial institution's compliance with District and federal laws, regulations, and rules.

(c) The Commissioner may initiate a special examination of a financial institution whenever the Commissioner considers it necessary to ensure that the financial institution is being operated in a safe and sound manner and in compliance with District and federal laws, regulations, and rules.

(d) The Commissioner shall assess a fee, to be paid by the financial institution, for the expense of the examination under this section. The fee shall be determined as a percentage of the assets of the examined financial institution.

                
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(June 9, 2001, D.C. Law 13-308, § 110, 48 DCR 3244.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 13-308, see notes following § 26-551.01.