Title 26, Banks and Other Financial Institutions.

(a) A financial institution doing business in the District shall: (1) Upon the request of the IV-D agency, enter into agreements with the IV-D agency to develop and operate a data-match system in which the financial institution is required to provide for each calendar quarter the…

The IV-D agency shall disclose a person’s financial records obtained from a financial institution only for the purpose of, and to the extent necessary in, establishing, modifying, or enforcing a support obligation of that person. Unauthorized disclosure may result in the awarding…

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(a) Repealed.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 …

(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.

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…

For the purposes of this chapter, the term: (1) “Banking business” means activities and transactions involving banking, including receiving deposits, paying checks, lending money, and any activity which is determined by the Commissioner to be incidental to the business of banking…

Legal and financial terms used in this chapter refer to equivalent terms used by the country in which the international banking corporation is organized.

(a) An international banking corporation having an office in the District of Columbia shall be subject to all the provisions of the District of Columbia Banking Code as though the international banking corporation is a bank organized under the laws of the District of Columbia, ex…

(a) An international banking corporation may transact a banking business, or maintain in the District of Columbia an office for carrying on such business, or any part thereof, if the corporation has: (1) Been authorized by its charter to carry on a banking business and has compli…

(a)(1) An international banking corporation licensed by the Commissioner may engage in the business authorized by this chapter only at the office specified in the license. A license issued under this chapter shall not be transferable or assignable; provided, that the location of …

(a)(1) Before being licensed by the Commissioner to transact a banking business in the District of Columbia as an international branch or international agency or before maintaining in the District of Columbia an office to carry on a banking business, or any part of a banking busi…

(a) An international banking corporation authorized to establish and maintain a banking office in the District of Columbia shall have and continuously maintain: (1) A registered office in the District of Columbia which may, but shall not be required to, be the same as its place o…

(a) Upon and after establishing an international branch or international agency in the District of Columbia, and as may be required under regulations adopted by the Commissioner, an international banking corporation licensed under this chapter shall keep on deposit, with such ban…

(a) Before opening an office in the District of Columbia, and annually thereafter so long as a banking office is maintained in the District of Columbia, an international banking corporation licensed under this chapter shall certify to the Commissioner the amount of its paid-in ca…

(a) An international banking corporation that maintains one or more international banking corporation offices or an international financing corporation under this chapter shall, at the times and in the form prescribed by the Commissioner, file written reports in the English langu…

(a)(1) The Commissioner may make such public or private investigations or examinations inside or outside the District of Columbia concerning an international banking corporation licensed to maintain an international branch, international agency, or international representative of…

(a) An international banking corporation that proposes to terminate the operation in the District of Columbia of an international branch, an international agency, or an international representative office in the District of Columbia shall comply with all procedures as the Commiss…

(a) The Commissioner shall have all of the powers granted to the Commissioner under the District of Columbia Banking Code to the extent appropriate to enable the Commissioner to supervise an international banking corporation office of an international banking corporation holding …

(a) A regional bank holding company may acquire a District of Columbia bank holding company or a District of Columbia bank (other than a District of Columbia bank holding company or a District of Columbia bank which is acquired either pursuant to section 13 of the Federal Deposit…

(a) Repealed; (b) The Superintendent [Commissioner of Insurance, Securities, and Banking] shall: (1) Administer this subchapter; (2) Promote a climate in which financial institutions will organize to do business in the District and contribute to the economic development of the Di…

A District of Columbia bank holding company, a District of Columbia bank, a regional bank holding company, or a regional bank may acquire or control, and shall not cease to be a District of Columbia bank holding company, a District of Columbia bank, a regional bank holding compan…

(a) Any person who conducts or seeks to conduct a class of business described in § 26-702.01(b)(4), (5), or (6) in the District shall file an application with the Superintendent [Commissioner] for approval to do business in the District, unless the person is already chartered by …

(a) Except as otherwise expressly permitted by applicable federal or District law, a bank holding company that is neither a District bank holding company nor a regional bank holding company shall not acquire a District bank holding company or a District bank. (b) Except as otherw…

Any District of Columbia bank that is controlled by a bank holding company that is not a District of Columbia bank holding company shall be subject to all laws of the District of Columbia and all rules and regulations under those laws that are applicable to District of Columbia b…

(a) Notwithstanding any other provisions of this subchapter, 90 days after April 11, 1986, any nonregional bank holding company may make application to the Superintendent [Commissioner] for approval to acquire: (1) Any District bank that was in existence on December 18, 1985, and…

(a) An action for equitable or any other appropriate relief to enforce the provisions of this subchapter may be brought in any court of competent jurisdiction by: (1) Any District of Columbia bank holding company or District of Columbia bank; (2) Any regional bank holding company…