Title 26 — Banks and Other Financial Institutions.

This chapter may be cited as the “General Provisions of the 21st Century Financial Modernization Act of 2000”.

For the purposes of this chapter, the term: (1) “Affiliate” means a financial institution holding company under federal law or a subsidiary or service corporation of a financial institution holding company. (2) “Appropriate federal financial institutions agency” means the federal…

(a) Repealed. (b) The Department shall administer the provisions of the District of Columbia Banking Code on behalf of the Mayor. (c) The Department of Banking and Financial Institutions and the position of the Commissioner of the Department of Banking and Financial Institutions …

Repealed Repealed.

(a) The Commissioner shall: (1) Administer the District of Columbia Banking Code; (2) Promote and maintain a climate and regulatory framework that will encourage financial institutions to organize to do business in the District and contribute to the economic development of the Di…

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 in…

(a) The Board shall be comprised of 15 members. The Mayor shall, with the advice and consent of the Council, appoint 13 members to the Board. The Mayor shall appoint to the Board a representative of a general banking industry association for the District; a representative of a ge…

(a) The Board shall be organized, shall operate, and may establish committees under such rules and bylaws as the Board establishes. (b) The Board shall meet at least twice a year and at the call of the Commissioner.

If the Commissioner does not follow advice of the Board which is part of an official action of the Board, the Commissioner shall send to the Board a written statement of the reason for his or her decision not to follow the advice.

(a) The Commissioner shall hire and commission examiners who shall have the authority to examine any financial institution doing business in the District. (b) In cooperation with the appropriate federal financial institutions agency, if any, the Commissioner shall examine, or cau…

(a) Unless otherwise provided by the District of Columbia Banking Code, the Commissioner shall require each financial institution to submit a financial report on a quarterly basis (“quarterly financial report”). The quarterly financial report shall fully describe the financial co…

(a) If the Commissioner determines that a financial institution is engaging, has engaged, or may engage in an unsafe or unsound practice in the operation of the financial institution (“unsafe or unsound practice”), or that the financial institutions is engaging, has engaged, or m…

(a) The Commissioner shall formally initiate an investigation of a violation or an unsafe or unsound practice by issuing a notice of charges. The notice of charges shall contain a statement of facts describing the alleged violation or unsafe or unsound practice that the financial…

(a) If the Commissioner finds in the Commissioner’s final order that a violation of the District of Columbia Banking Code has occurred or is occurring, the Commissioner shall refer the matter to the Corporation Counsel or to the United States Attorney for appropriate action. (b) …

The Commissioner may modify or rescind a final order issued under § 26-551.13 after receiving and considering a request from a financial institution, a financial institution’s affiliate or subsidiary, or any other party to the investigatory proceeding, if the Commissioner determi…

(a) The Commissioner may issue and serve upon the financial institution or its affiliate or subsidiary a final cease and desist order if: (1) The party served with the notice of charges fails to appear at the hearing called under § 26-551.13; or (2) The record of the hearing held…

(a) Along with a notice of charges, or after the issuance of a notice of charges, the Commissioner may issue a temporary cease and desist order. (b) The Commissioner may issue a temporary cease and desist order if the Commissioner determines that a violation or unsafe or unsound …

(a) Except as provided in subsection (b) of this section or as otherwise required by law, the Department and the employees, agents, and contractors of the Departments shall not disclose: (1) The contents of a report or examination of a person by the Department, except as the Comm…

The Commissioner may, through the Corporation Counsel, apply to the Superior Court of the District of Columbia for the enforcement of an effective and outstanding notice of charges, subpoena, final cease and desist order, or temporary cease and desist order. The Superior Court of…

(a) Within 10 days after service of a temporary cease and desist order, a financial institution or other party named in the temporary cease and desist order may apply to the Superior Court of the District of Columbia for an injunction to set aside, limit, or suspend the order. (b…

A person who violates an outstanding and effective final order shall be guilty of a misdemeanor and, upon conviction, shall be fined not more than $5,000, imprisoned not more than one year, or both.

A financial institution shall not engage in a fraudulent activity or an act against the public interest.

The Commissioner may issue rules implementing this chapter, pursuant to subchapter I of Chapter 5 of Title 2.

[Repealed or reserved.]

A decision, order, interpretation, agreement, policy statement, opinion, regulation or rule (“decision”) issued and in effect under a law repealed by this chapter or section 124 of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; 48 D…