Ask Reggi Your Question Now
Can you summarize 26 DCMR C2?
BANKING AND FINANCIAL INSTITUTIONS > APPLICATIONS
Short Summary
These documents govern various aspects of applications and approvals related to conducting business in the District of Columbia. They cover applications for conducting business, opening branches or additional offices, acquiring District banks or bank holding companies, and obtaining deposit-taking charters. The documents specify the forms to be filed for different activities and provide guidelines for the information required in the applications. Financial institutions wishing to open a branch or office in the District must submit a business plan outlining their proposed capital investment and community development program. The program should address the needs of economically disadvantaged neighborhoods, low and moderate-income residents, minority residents, small, minority, and woman-owned businesses, and international trade and finance. The Commissioner has the authority to modify application forms if necessary. The documents also outline the requirements for obtaining deposit-taking charters, including obtaining a Certificate of Incorporation and filing the necessary forms. Council approval is no longer required for deposit-taking charters. The documents also govern the applications made by nonregional bank holding companies and foreign banks to acquire District banks or bank holding companies. Nonregional bank holding companies must file Form 5 and meet certain requirements, including commitments to make loans in economic development projects and employ District residents. Foreign banks are required to obtain approval from the Commissioner and a license to establish or maintain an agency or branch office in the District. The Commissioner will recommend approval based on various criteria, including the bank’s financial standing, compliance with laws and regulations, and promotion of international trade and finance. The documents also cover the establishment of branches and additional offices for financial institutions, as well as the issuance of certificates of authority for foreign savings and loans. Prior approval from the Commissioner is required for these activities, and the Commissioner has the authority to approve or disapprove applications within a specified timeframe. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Persons and entities applying to conduct business in the District, financial institutions wishing to open a branch or other business office in the District, foreign banks establishing or maintaining a federal agency or federal branch in the District, nonregional bank holding companies seeking to acquire a District bank or District bank holding company
What does it govern?
Applications to do business in the District, establishment of branches and additional offices for financial institutions, licenses for branches and agencies of foreign banks, acquiring District banks or District bank holding companies, and deposit-taking charters in the District of Columbia
What are exemptions?
Banks or bank holding companies applying to conduct a business described in D.C. Official Code 1301 et seq. are subject to approval requirements but not required to file an application with the Commissioner. The requirement for Council approval of applications for Deposit Taking Charters was repealed by the Bank Charter Modernization Amendment Act of 2007.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington, D.C.