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Can you summarize 26 DCMR C1?
BANKING AND FINANCIAL INSTITUTIONS > GENERAL PROVISIONS
Short Summary
These rules govern the organizing, chartering, and regulating of financial institutions in the District of Columbia. They aim to facilitate the expansion of financial services for District residents, particularly those in underserved and low- and moderate-income areas. The rules establish standards and guidelines for financial institutions subject to the Commissioner’s authority, ensuring that they provide financial services that support the development and revitalization of underserved neighborhoods, meet the credit and deposit service needs of lower income and minority residents, and promote small, minority, and woman-owned businesses. The rules cover various aspects such as chartering, licensing, authorization to do business, supervision of entities organized or chartered under specific laws, changes in control of covered District financial institutions, and the opening and establishing of branches and other business offices by financial institutions. Additionally, the rules establish procedures for reserving a name for a financial institution, obtaining a certificate of authority or good standing from the Commissioner, and cover the conversion of national banks to a District bank charter. These rules were published as a Final Rulemaking in August 1988.
Whom does it apply to?
Financial institutions subject to the Commissioner's authority
What does it govern?
Organizing, chartering, and regulating of financial institutions in the District of Columbia
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Washington, D.C.