Establishment of the Financial Institutions Advisory Board

There is established a Financial Institutions Advisory Board (“Board”). The function of the Board is advisory. The Board shall give the Commissioner sound and impartial advice on the following matters: (1) Applications by financial institutions, including international banking institutions, to become chartered or organized under the District of Columbia Banking Code; (2) Protection of the interests of depositors and shareholders in financial institutions operating in the District; (3) Protection of the interests of the general public related to the operation of financial institutions in the District; (4) Development and maintenance of a modern system of financial institutions in the District; and (5) Any other financial matter or matter concerning financial institutions operating in, or affecting, the District.