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Can you summarize 8 VTST Chapter 201, Subchapter 5?
Supervision; Definitions > EXAMINATIONS
Short Summary
These legal documents govern various aspects of examinations, cooperative agreements, and confidentiality of investigation and examination reports in the context of banking and insurance supervision in Vermont. The documents provide the Commissioner of the Vermont Department of Banking and Insurance with the authority to conduct examinations of state financial institutions and branches established by them in Vermont to ensure compliance with state laws and safe banking practices. The Commissioner can also enter into contracts with financial institution supervisory agencies and engage their examiners or provide the services of the Commissioner’s examiners to such agencies. Joint examinations or enforcement actions can be conducted with other supervisory agencies having jurisdiction over branches established by state financial institutions or branches of Vermont financial institutions in host states. However, the Commissioner retains the ability to take independent actions if necessary. The documents also emphasize the importance of maintaining the confidentiality of investigation and examination reports. All records of investigations and reports of examinations by the Commissioner are deemed confidential and privileged. These records shall not be made public, subject to discovery, or introduced as evidence in private civil actions. Individuals involved in the investigation or examination are not required to testify in civil actions regarding their findings or opinions. However, the Commissioner has the discretion to disclose or publish these records to civil or criminal law enforcement authorities. The documents also allow the Commissioner to enter into cooperative, coordinating, and information-sharing agreements with various entities to facilitate the examination or supervision of state financial institutions and branches in Vermont, as well as activities or branches of Vermont financial institutions located in host states. The documents do not mention any specific exemptions or penalties.
Whom does it apply to?
State financial institutions in Vermont, branches established by state financial institutions in Vermont, financial institution supervisory agencies, companies majority-owned by Vermont financial institutions or controlled by a Vermont financial institution, persons that control a Vermont financial institution, governmental agencies, the Federal Home Loan Bank, organizations affiliated with or representing governmental agencies, nonbank regulatory agencies, civil or criminal law enforcement authorities
What does it govern?
Examinations, cooperative agreements, and confidentiality of investigation and examination reports in the context of banking and insurance supervision in Vermont
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Vermont