West Virginia Code 31A-8E-8 – Examinations; periodic reports; cooperative agreements; assessment of fees
(a) To the extent consistent with subsection (c) of this section, the commissioner may make such examinations of any branch established and maintained in this state pursuant to this article by an out-of-state state bank as the commissioner may deem necessary to determine whether the branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The provisions of article two of this chapter shall apply to such examinations.
Terms Used In West Virginia Code 31A-8E-8
- Bank: has the meaning set forth in 12 U. See West Virginia Code 31A-8E-2
- Bank holding company: has the meaning set forth in 12 U. See West Virginia Code 31A-8E-2
- Bank supervisory agency: means :
(1) Any agency of another state with primary responsibility for chartering and supervising banks. See West Virginia Code 31A-8E-2
- Branch: has the meaning set forth in subsection (f), section two, article one of this chapter. See West Virginia Code 31A-8E-2
- Commissioner: means the West Virginia commissioner of banking then in office and, where appropriate, all of his or her successors and predecessors in office. See West Virginia Code 31A-8E-2
- Contract: A legal written agreement that becomes binding when signed.
- Home state: means :
(1) With respect to a state bank, the state by which the bank is chartered. See West Virginia Code 31A-8E-2
- Home state regulator: means , with respect to an out-of-state state bank, the bank supervisory agency of the state in which the bank is chartered. See West Virginia Code 31A-8E-2
- Host state: means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain, a branch. See West Virginia Code 31A-8E-2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Out-of-state bank: means a bank whose home state is a state other than West Virginia. See West Virginia Code 31A-8E-2
- Out-of-state state bank: means a bank chartered under the laws of any state other than West Virginia. See West Virginia Code 31A-8E-2
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, the Virgin Islands and American Samoa. See West Virginia Code 31A-8E-2
- West Virginia state bank: means a bank chartered under the laws of West Virginia. See West Virginia Code 31A-8E-2
(b) The commissioner may require periodic reports regarding any out-of-state bank that has established and maintained a branch in this state pursuant to this article. The required reports shall be provided by the bank, or upon request of the commissioner by the bank supervisory agency having primary responsibility for such bank. Any reporting requirements prescribed by the commissioner under this subsection shall be: (i) Consistent with the reporting requirements applicable to West Virginia state banks; and (ii) appropriate for the purpose of enabling the commissioner to carry out his or her responsibilities under this article. Unless the information is filed by its bank holding company pursuant to subsection (a), section seven, article eight-a of this chapter, an out-of-state bank with a branch in West Virginia shall also file the information required by said section within the time stated in said section.
(c) The commissioner may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in West Virginia of an out-of-state state bank, or any branch of a West Virginia state bank in any host state, and the commissioner may accept such parties' reports of examination and reports of investigation in lieu of conducting his or her own examinations or investigations.
(d) The commissioner may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a West Virginia state bank or an out-of-state state bank maintaining a branch in this state to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the commissioner's examiners to such agency at a reasonable rate of compensation: Provided, That any such contract shall be deemed excluded from the requirements of article three, chapter five-a of this code.
(e) The commissioner may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch established and maintained in West Virginia by an out-of-state state bank or any branch established and maintained by a West Virginia state bank in any host state: Provided, That the commissioner may at any time take such actions independently if the commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this article or to ensure compliance with the laws of this state: Provided, however, That, in the case of an out-of-state state bank, the commissioner shall recognize the authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters.
(f) Each out-of-state state bank that maintains one or more branches in this state may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of this state and rules of the commissioner. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies in accordance with agreements between such parties and the commissioner.