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Can you summarize DCCO Title 26, Chapter 14?
Banks and Other Financial Institutions. > Universal Bank Certification.
Short Summary
The Universal Bank Certification Act of 2000 governs the process of Universal Bank Certification in the District of Columbia. It provides definitions for various terms related to Universal Bank Certification and does not mention any specific exemptions or penalties. The Act allows a universal bank to operate under its existing articles of incorporation and bylaws or under subsequently amended articles of incorporation and bylaws that align with the provisions and purposes of the relevant chapter. The Act also outlines the requirements for a universal bank to purchase assets, merge with or acquire other financial institutions or their holding companies, and the process of application and approval from the Commissioner. The Commissioner is responsible for reviewing and approving or disapproving applications based on the standards set by the District of Columbia Banking Code. The Commissioner has the authority to take possession of a universal bank if it violates laws, regulations, or conditions imposed by the Commissioner, conducts business in an unauthorized or unsafe manner, is in an unsafe and unsound condition, or neglects or refuses to comply with Commissioner’s orders. The Commissioner may also appoint a receiver for the bank and govern the transfer of property or assets of a universal bank. The documents also address the limitations, exceptions, and penalties related to the loan and investment powers of universal banks. They specify the maximum loan amount and investment limits, conditions for suspension of certain powers, and exceptions to the limitations. The documents further govern the insurance and securities activities of universal banks, requiring compliance with applicable laws and regulations. The documents also outline the powers and authority granted to universal banks, subject to applicable laws, regulations, and approval from the Commissioner or other regulators. These powers include various financial activities such as making loans, investing in debt and equity securities, underwriting and distributing insurance and securities, and engaging in business services. The Commissioner has the authority to grant exemptions for provisions preempted by federal law. The documents also cover the process of applying for certification as a universal bank, outlining the requirements and conditions for certification, and the termination of certification. The Commissioner has the authority to revoke or limit the powers of a universal bank if it fails to maintain the required standards. Overall, these documents provide a comprehensive framework for the operation, regulation, and certification of universal banks in the District of Columbia.
Whom does it apply to?
The documents apply to universal banks, the Commissioner, the Superior Court, and individuals or entities involved in transactions with universal banks.
What does it govern?
The provided legal document content pertains to the operation and regulation of universal banks in the District of Columbia. It covers the process of Universal Bank Certification, possession, receivership, conservatorship, and liquidation of universal banks, limitations, exceptions, and penalties related to the powers of universal banks, and the powers and authority of universal banks in the District of Columbia.
What are exemptions?
No specific exemptions are mentioned in the provided content.
What are the Penalties?
No specific penalties are mentioned in the provided content.
Jurisdiction
Washington, D.C.