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Can you summarize WVCO Chapter 31A, Article 7?
BANKS AND BANKING. > REGULATION OF FAILING FINANCIAL INSTITUTIONS.
Short Summary
These legal documents, part of the West Virginia Code governing banks and banking, regulate the handling of failing financial institutions in the state. The documents cover the appointment of conservators and receivers, the powers and responsibilities of conservators and receivers, the role of the FDIC as a receiver, the payment of expenses and debts, the claims procedure, and hearings and judicial review. The purpose of these regulations is to protect and preserve the assets of depositors, shareholders, and other creditors in failing financial institutions, maintain their financial integrity, stability, and accountability, and strengthen the authority of the state commissioner of banking. The documents provide definitions for terms such as ‘financial institution,’ ‘about to be insolvent,’ ‘insolvency,’ and ‘balance sheet insolvency.’ They outline the process of appointing a conservator to protect and preserve the assets of a financial institution, and the rights, powers, and responsibilities of the conservator. The documents also address the appointment of a receiver, including the FDIC as a receiver, and the powers and responsibilities of the receiver. They specify the procedures for conservatorship and receivership, including the termination of conservatorship, the treatment of deposits, and the reorganization of financial institutions. The documents provide guidelines for the borrowing of money by receivers, the reorganization, purchase, merger, or consolidation of financial institutions, and the conversion of national banking associations into state banks. They also outline the process of voluntary and involuntary liquidation of financial institutions, the claims procedure for creditors, and the rights of depositors and other claimants. The documents establish the powers and procedures for hearings and judicial review related to the regulation of failing financial institutions. Overall, these documents aim to protect the interests of depositors, shareholders, and other creditors, ensure the stability and accountability of financial institutions, and provide a framework for the resolution of failing financial institutions in West Virginia.
Whom does it apply to?
Financial institutions in West Virginia, including banks, building and loan associations, industrial banks, regulated consumer lenders, and credit unions, under the jurisdiction and supervision of the commissioner of banking.
What does it govern?
The regulation of failing financial institutions in West Virginia, including the appointment of conservators and receivers, the powers and responsibilities of conservators and receivers, the role of the Federal Deposit Insurance Corporation (FDIC) as a receiver, the payment of expenses and debts, the claims procedure, and hearings and judicial review.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
West Virginia