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Can you summarize 26 DCMR C204?
APPLICATIONS > APPLICATIONS BY NONREGIONAL BANK HOLDING COMPANIES
Short Summary
This document governs the applications made by nonregional bank holding companies to acquire a District bank or District bank holding company. Nonregional bank holding companies must file Form 5 with the Commissioner and obtain a recommendation from the Commissioner and approval from the Council before completing the acquisition. The Commissioner’s recommendation is required before any action by the Council and in addition to any approvals required by federal law. The application must also include information required by Form 3. These applications are in addition to the application required by section 201 of the rules. Nonregional bank holding companies may apply to acquire certain District banks or District bank holding companies. Form 5 contains detailed requirements, including commitments to make loans in a target economic development project, open additional banking offices in target banking development areas, cash government checks, sell food coupons, employ District residents, promote international trade and finance, and submit an irrevocable letter of credit. The Commissioner may place special emphasis on projects located within Development Zones when designating target economic development projects.
Whom does it apply to?
Nonregional bank holding companies applying to acquire a District bank or District bank holding company
What does it govern?
Applications by nonregional bank holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Washington, D.C.