Source: https://development.code.dccouncil.us/dc/council/code/sections/26-704.html
Timestamp: 2019-04-21 08:32:22+00:00

Document:
D.C. Law Library - § 26–704. Review of applications.
↪ Subchapter I. Regional Interstate Banking.
↪ § 26–704. Review of applications.
§ 26–704. Review of applications.
(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 the appropriate federal or District agency or organized by virtue of the laws of any of the states of this Union and doing business pursuant to § 26-103(a)(1). Consistent with applicable federal law, all the applications, including any supporting documents, and any other information required to be submitted to the Superintendent [Commissioner] shall be made available to the public. An application filed with the appropriate federal agency for approval to conduct a class of business described in § 26-702.01(b)(4), (5), or (6) and still pending approval or approved prior to April 11, 1986, shall not be subject to this section or the provisions of this subchapter. The Council shall file comments regarding the applications pending April 11, 1986. Any Council comments regarding a pending application filed prior to April 11, 1986, shall meet the requirements of the preceding sentence.
(1)(A) The Superintendent [Commissioner] shall prepare a periodic bulletin listing all pending applications. The bulletin shall be published in the District of Columbia Register and shall be mailed without charge to any person upon request.
(B) Prior to deciding whether to grant approval of the application, the Superintendent [Commissioner] shall accept public comment on the application and shall hold a public hearing on the application, according to procedures established by the rules issued by the Superintendent [Commissioner].
(2) The Commissioner shall either approve or disapprove the application and explain the reasons for the decision. An application required by this section shall not be complete unless it is accompanied by an application fee in an amount to be established by the Commissioner and made payable to District of Columbia Treasurer. An entity for which deposit insurance is required shall not commence operations until the applicant has submitted evidence that the deposit insurance has been acquired.
(6) No applicant shall commence business until its application is considered approved.
(1)(A) A regional bank holding company that seeks to acquire a District bank holding company or a District bank, or a nonregional bank holding company that seeks to acquire a District bank holding company or a District bank pursuant to § 26-706.01, shall file a copy of the complete draft of the application required to be filed with the Federal Reserve Board for approval of an acquisition in accordance with 12 U.S.C. § 1842. An applicant may file an application with the Federal Reserve Board at any time subsequent to filing the draft application with the Superintendent [Commissioner]. No application required by this section shall be complete unless it is accompanied by an application fee in the amount of $4,000.
(E) Whether the acquisition may result in undue concentration of resources or substantial decrease of competition in the District.
(6) The Commissioner shall submit a copy of the approval or disapproval to the Federal Reserve Board.
(B) An annual report of all actions that the Commissioner takes pursuant to this section.
(1) Each application filed pursuant to this section shall, where appropriate, include information applicable to the nature of the application, the applicant’s general plan of business, the applicant’s proposed capital investment in the District, and a community development program.
(D) Market the community development program and publicize the community development program to the applicant’s employees and to individuals and businesses located in areas which the applicant will serve.
(M) The applicant’s agreement to submit an annual report to the Commissioner and the Council updating any information submitted to the Commissioner with regard to the community development program.
(e)(1) If a bank holding company filing an application for review pursuant to this section has made in connection with that application any express written commitments to the Superintendent [Commissioner] with respect to subjects set forth in subsection (d) of this section, the Superintendent [Commissioner] may, at any time, review the activities of the bank holding company and of its District bank subsidiaries to determine whether the bank holding company has fulfilled the express written commitments. The Superintendent [Commissioner] may require a bank holding company that has made the express written commitments and its District bank subsidiaries to supply the information and to submit the reports the Superintendent [Commissioner] considers necessary in order to make a determination under this subsection.
(2) Upon the determination of the Superintendent [Commissioner] that a bank holding company has failed to fulfill express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section, the Superintendent [Commissioner] may order the bank holding company to take steps to comply with all the commitments within a reasonable period of time.
(3) If the Superintendent [Commissioner] believes at any time that a bank holding company subject to an order issued under paragraph (2) of this subsection has failed to comply with the order within the period specified in the order, the Superintendent [Commissioner] may conduct a hearing in accordance with § 2-509, on the issue of whether the bank holding company has fulfilled any express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section.
(4) If, after a hearing as specified in paragraph (3) of this subsection, the Superintendent [Commissioner] determines that a bank holding company has failed to fulfill express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section, the Superintendent [Commissioner] may order the bank holding company to divest itself of control of all District banks and District bank holding companies within a reasonable period of time. If the Superintendent [Commissioner] orders a bank holding company to divest itself of control of all District banks and bank holding companies pursuant to this subsection, the divestiture shall, in all events, be completed within 1 year after the date on which the Superintendent’s [Commissioner’s] order becomes final and not pending further review.
(5) The Superintendent’s [Commissioner’s] decision in a case initiated under paragraph (3) of this subsection shall be subject to judicial review by the District of Columbia Court of Appeals pursuant to § 2-510.
(6) The Superintendent [Commissioner] shall initiate any case under paragraph (3) of this subsection on the issue of whether a bank holding company has failed to fulfill express written commitments that the bank holding company made with respect to subjects set forth in subsection (d) of this section within 4 years of the date of acquisition of the District bank or District bank holding company in connection with which the bank holding company made the express written commitments.
This section is referenced in § 26-636, § 26-702.01, § 26-706.01, § 26-707, and § 47-351.10.
D.C. Law 17-59, in subsec. (b), rewrote par. (2) and repealed pars. (3) to (5); in subsec. (c), rewrote the lead-in language, par. (2), and par. (6), and repealed par. (1)(B) and (3) to (5), and added par. (8); rewrote subsec. (d)(3)(M); in subsec. (e)(1), deleted “or the Council” following “Superintendent”; and repealed subsecs. (f) to (i).
For temporary (90 day) amendment of section, see § 3(b) of Bank Charter Modernization Emergency Amendment Act of 2007 (D.C. Act 17-66, July 9, 2007, 54 DCR 6819).
“(M) The applicant’s agreement to submit an annual report to the Commissioner and the Council updating any information submitted to the Commissioner with regard to the community development program.”; and, in subsec. (e)(1), deleted “or the Council”; and repealed subsecs. (f) to (i).
Section 5(b) of D.C. Law 17-31 provided that the act shall expire after 225 days of its having taken effect.
The District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985, referred to in subparagraph (c)(1)(B), is D.C. Law 6-107.
Because of the codification of D.C. Law 11-142 as subchapter II of Chapter 8 subchapter II of Chapter 7, 2001 Ed., and designation of the preexisting text as subchapter I, “subchapter” has been substituted for “chapter” in (a), (c)(1)(B), and (i).
Fees credited to the Office of Banking and Financial Institutions Enterprise Fund: Section 1804(1) of D.C. Law 12-60 provided that all fees received pursuant to §§ 26-804(b)(2) and 26-804(c)(1)(A) 1981 Ed. shall be credited to the Office of Banking and Financial Institutions Enterprise Fund. BB&T Corporation Acquisition of Franklin Bancorporation, Inc., Approval Resolution of 1998: Pursuant to Resolution 12-519, effective June 2, 1998, the Council approved the recommendation of the Superintendent of the Office of Banking and Financial Institutions that the acquisition of Franklin Bancorporation, a District bank holding company, by BB&T Corporation, a regional bank holding company be approved.
Resolution 16-114, the “Bank of Georgetown Approval Resolution of 2005”, was approved effective April 5, 2005.

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