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Can you summarize DCCO Title 26, Chapter 1?
Banks and Other Financial Institutions. > Banking Institutions in General.
Short Summary
This legal document governs the supervision and regulation of banking institutions in the District of Columbia. It requires savings banks, savings companies, trust companies, and other banking institutions operating in the District of Columbia to make reports to the Comptroller of the Currency and publish them. Failure to comply with these reporting obligations may result in penalties, and the Comptroller of the Currency has the power to take possession of any bank or company if necessary. However, banking institutions with offices or banking houses in foreign countries and the District of Columbia are only required to make and publish reports semiannually. Additionally, all publications authorized or required by existing law in the District of Columbia must be printed in one or more daily newspapers of general circulation in the City of Washington.
Whom does it apply to?
Savings banks, savings companies, trust companies, and other banking institutions operating in the District of Columbia
What does it govern?
Supervision and regulation of banking institutions in the District of Columbia
What are exemptions?
Banking institutions with offices or banking houses in foreign countries and the District of Columbia are only required to make and publish reports semiannually
What are the Penalties?
Failure to comply with reporting obligations may result in penalties; the Comptroller of the Currency has the power to take possession of any bank or company if necessary
Jurisdiction
Washington, D.C.