Administrative Code

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Virginia Administrative Code
Title 10. Finance and Financial Institutions
Agency 5. State Corporation Commission
Chapter 10. Delegation of Certain Authority to the Commissioner of the Bureau of Financial Institutions
2/21/2019

10VAC5-10-10. Powers Delegated to Commissioner of Financial Institutions.

A. The State Corporation Commission has delegated to the Commissioner of Financial Institutions the authority to exercise its powers and to act for it in the following matters:

1. To grant or deny petitions relating to service by an individual as a director of more than one financial institution. (§ 6.2-104 of the Code of Virginia.)

2. To grant a certificate of authority to a bank formed for the purpose of its being acquired under the provisions of Chapter 14 (§ 6.1-390 et seq.) of Title 6.1 of the Code of Virginia, or for the purpose of facilitating the consolidation of banks or the acquisition by merger of a bank pursuant to any provision of Title 6.2 of the Code of Virginia. (§§ 6.2-816 and 6.2-822 of the Code of Virginia.)

3. To grant or deny authority to a bank, or to a trust subsidiary, to engage in the trust business or exercise trust powers. (§§ 6.2-819, 6.2-1001, 6.2-1049, and 6.2-1054 of the Code of Virginia.)

4. To approve an office of a trust subsidiary; to authorize a trust company to establish an additional office; to authorize a state bank or trust company to establish or acquire a trust office in another state; and to deny an application by a state bank to establish a branch or relocate an authorized office in Virginia. (§§ 6.2-831, 6.2-1028, 6.2-1055, and 6.2-1066 of the Code of Virginia.) To approve the establishment, acquisition, maintenance, and operation of branches of state banks in states other than Virginia. (§§ 6.2-837 and 6.2-850 of the Code of Virginia.)

5. To permit a state bank to operate or advertise a branch office under a name that is not identical to the bank's own name. (§ 6.2-834 of the Code of Virginia.)

6. To object to an application or notice by an out-of-state trust institution or an out-of-state bank to establish or acquire a trust office or branch in Virginia, upon finding that the filing requirements and the conditions for approval prescribed by law are not fulfilled. (§§ 6.2-840, 6.2-841, 6.2-852, 6.2-853, 6.2-1069, and 6.2-1070 of the Code of Virginia.)

7. To grant approval for directors' meetings of a bank or trust company to be held less frequently than monthly. (§ 6.2-866 of the Code of Virginia; 10VAC5-22-20.)

8. To grant approval for the investing of more than 50% of the aggregate amount of a bank's capital stock, surplus, and undivided profits in its bank building and premises; and to permit the payment of dividends while such investment exceeds 50% of capital, surplus, and undivided profits. (§ 6.2-870 of the Code of Virginia.)

9. To consent to a bank's investment in more than one service corporation. (§ 6.2-871 of the Code of Virginia.)

10. To give permission for the aggregate investment of more than 50% of a bank's capital stock and permanent surplus in the stock, securities, or obligations of controlled-subsidiary and bank service corporations. (§ 6.2-885 of the Code of Virginia.)

11. To give written consent and approval for a bank to hold the possession of certain real estate for a longer period than 10 years. (Subdivision 4 of § 6.2-872 of the Code of Virginia.)

12. To approve the issuance by a bank of capital notes and debentures, so that such notes and debentures may qualify as surplus for the purpose of calculating the legal lending limit of a bank. (§ 6.2-875 of the Code of Virginia.)

13. To give written approval in advance for a bank or trust company to pledge its assets as security for certain temporary purposes. (§ 6.2-890 of the Code of Virginia.)

14. To require any bank to prepare and submit such reports and material as he may deem necessary to protect and promote the public interest. (§ 6.2-907 of the Code of Virginia.)

15. To approve the issuance of stock in a savings institution in exchange for property or services valued at an amount not less than the aggregate value of the shares issued. (§ 6.2-1117 of the Code of Virginia.)

16. To reduce temporarily the reserve requirements for a savings institution upon a finding that such reduction is in the best interest of the institution and its members. (§ 6.2-1130 of the Code of Virginia.)

17. To grant a certificate of authority to a savings institution formed solely for the purpose of facilitating the merger or acquisition of savings institutions pursuant to any provision of Title 6.2 of the Code of Virginia.

18. To grant or deny authority to a state association, a state savings bank or a foreign savings institution to establish a branch office, or other office or facility where deposits are accepted (§ 6.2-1133 of the Code of Virginia), or to change the location of a main or branch office. (§ 6.2-1135 of the Code of Virginia.)

19. To cause a special examination of a savings institution to be made. (§ 6.2-1201 of the Code of Virginia.)

20. To grant or deny authority to a savings institution to exercise fiduciary powers. (§§ 6.2-1081 et seq. and 6.2-1099 of the Code of Virginia.)

21. To grant or deny approval to a credit union to maintain a service facility or office (other than a main office). (§ 6.2-1326 of the Code of Virginia.)

22. To make such findings as are required by §§ 6.2-1327 and 6.2-1328 of the Code of Virginia relating to fields of membership of credit unions and the expansion of such fields of membership.

23. To approve the investment of credit union funds in certain stock, securities and other obligations. (Subdivision 8 of § 6.2-1376 of the Code of Virginia.)

24. To grant or deny authority to an industrial loan association to relocate its office. (§ 6.2-1408 of the Code of Virginia.)

25. To grant or deny licenses pursuant to Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2 of the Code of Virginia. (§ 6.2-1507 of the Code of Virginia.)

26. To grant or deny licenses to engage in the business of selling money orders or the business of money transmission, or both, and approve or disapprove acquisitions of ownership interests in licensees. (§§ 6.2-1901, 6.2-1902, and 6.2-1914 of the Code of Virginia.)

27. To grant or deny licenses to operate credit counseling agencies. (§ 6.2-2005 of the Code of Virginia.)

28. To grant or deny permission to a credit counseling agency licensee to relocate an office or open an additional office and approve or disapprove acquisitions of ownership interests in licensees. (§§ 6.2-2006 and 6.2-2007 of the Code of Virginia.)

29. To grant or deny licenses to engage in business as a mortgage lender and/or mortgage broker, and prescribe conditions under which exclusive agents of licensees may act as mortgage brokers without a license and approve or disapprove individuals as qualified exclusive agents of licensees. (§§ 6.2-1601 and 6.2-1606 of the Code of Virginia.)

30. To grant or deny permission to a mortgage lender or mortgage broker licensee to relocate an office or open an additional office and approve or disapprove acquisitions of ownership interests in licensees. (§§ 6.2-1607 and 6.2-1608 of the Code of Virginia.)

31. To grant or deny licenses to engage in business as a mortgage loan originator, and set the amount of surety bond required for such licensure. (§§ 6.2-1703 and 6.2-1706 of the Code of Virginia.)

32. To enter into cooperative agreements with appropriate regulatory authorities for the examination of out-of-state bank holding companies and their subsidiaries and out-of-state savings institution holding companies and their subsidiaries and for the accomplishment of other duties imposed on the commission by Article 5 (§ 6.2-1148 et seq.) of Chapter 11 and by Chapter 7 (§ 6.2-700 et seq.) of Title 6.2 of the Code of Virginia.

33. To prescribe the form and content of all applications, documents, undertakings, papers, and information required to be submitted to the commission under Title 6.2 of the Code of Virginia.

34. To make all investigations and examinations, give all notices, and shorten, waive, or extend any time period within which any action of the commission must or may be taken or performed under Title 6.2 of the Code of Virginia.

B. In the performance of the duties hereby delegated to him, the commissioner shall have the power and authority to make all findings and determinations permitted or required by law.

C. The foregoing delegations of authority shall be effective until revoked by order of the commission. All actions taken by the Commissioner of Financial Institutions pursuant to the authority granted here are subject to review by the commission in accordance with the Rules of Practice and Procedure of the State Corporation Commission. Each delegation set forth in a numbered subdivision of subsection A of this section shall be severable from all others.

Statutory Authority

§ 12.1-13 and 12.1-16 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0001, eff. October 19, 1991; revoked and superseded, Volume 11, Issue 12, eff. April 5, 1995; amended, Virginia Register Volume 17, Issue 22, eff. July 1, 2001; Volume 25, Issue 24, eff. July 14, 2009; Volume 28, Issue 01, eff. September 1, 2011.

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