reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part J - Supervision and Regulation › § 26–510.10. Conflicts of interest

§ 26–510.10. Conflicts of interest.
(a) In addition to any general conflict of interest statute applicable to District employees, no employee of the Department shall be an officer, director, committee member, employee, or attorney for any credit union, or receive, directly or indirectly, any payment or gratuity from any credit union, or be indebted to any credit union, or engage in the negotiation of loans for others with any credit union.
(b) An employee of the Department may be a member of a credit union on the same terms as are available to other credit union members and may do business at another financial institution on the same terms as other customers.
(May 6, 2020, D.C. Law 23-86, § 1010, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part K - Tax Exemption; Compliance Review › § 26–511.01. Tax exemption

§ 26–511.01. Tax exemption.
(a) Credit unions organized under District law, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation imposed by the District; except, that real property and tangible personal property of a District credit union shall be subject to District taxation to the same extent as other similar property is taxed.
(b) The participation by a District credit union in any government program providing unemployment, social security, old age pension, or other benefits shall not be deemed a waiver of the taxation exemption granted under this section.
(May 6, 2020, D.C. Law 23-86, § 1101, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter I - Credit Union Act of 2020 › Part K - Tax Exemption; Compliance Review › § 26–511.02. Compliance review documents

§ 26–511.02. Compliance review documents.
(a) Compliance review documents are privileged and confidential and are nondiscoverable and nonadmissible in a civil action; except, that a District credit union may provide access to compliance review documents to an affiliate, regulatory agency, or share insurer. The delivery of compliance review documents to an affiliate, regulatory agency, or share insurer shall not constitute a waiver of the privilege granted in this section.
(b) This section shall not be construed to limit the discovery or admissibility in any civil action of any documents other than compliance review documents.
(c) For the purposes of this section, the term "compliance review documents" includes documents used to evaluate and seek to improve the District credit union's loan policies or underwriting standards, asset quality, or financial reporting to a government unit, or comply with federal or state statutory or regulatory requirements.
(May 6, 2020, D.C. Law 23-86, § 1102, 67 DCR 3476.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter II - General pre-2020 › § 26–521. Conversion of District credit unions into federal credit unions — Procedure

§ 26–521. Conversion of District credit unions into federal credit unions — Procedure.
Any credit union organized under the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, may apply for conversion into a federal credit union by filing with the Administrator of the National Credit Union Administration (hereinafter referred to as the Administrator), pursuant to a resolution adopted by a majority of its directors, an organization certificate meeting the requirements of § 4 of the Federal Credit Union Act (§ 1753 of Title 12, United States Code ), as amended.
(Aug. 1, 1964, 78 Stat. 377, Pub. L. 88-395, § 1.)
Prior Codifications
2001 Ed., § 26-501
1981 Ed., § 26-601.
1973 Ed., § 26-519.
Section References
This section is referenced in § 26-710 and § 28-4601.
References in Text
The “Director of the Bureau of Federal Credit Unions” formerly referred to in this section, was changed to “Administrator of the National Credit Union Administration” by §§ 1 to 3 of the Act of March 10, 1970, 84 Stat. 49.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter II - General pre-2020 › § 26–522. Conversion of District credit unions into federal credit unions — Approval; effect thereof

§ 26–522. Conversion of District credit unions into federal credit unions — Approval; effect thereof.
The Administrator shall approve any such organization certificate meeting such requirements. Upon such approval, the applicant credit union shall become a federal credit union, and shall be vested with all of the assets and shall continue responsible for all of the obligations of such applicant credit union to the same extent as though the conversion had not taken place.
(Aug. 1, 1964, 78 Stat. 377, Pub. L. 88-395, § 2.)
Prior Codifications
2001 Ed., § 26-502
1981 Ed., § 26-602.
1973 Ed., § 26-520.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter II - General pre-2020 › § 26–523. Conversion of District credit unions into federal credit unions — Applicability of federal provisions; fees; liquidation of existing loans; bylaws

§ 26–523. Conversion of District credit unions into federal credit unions — Applicability of federal provisions; fees; liquidation of existing loans; bylaws.
Any District of Columbia credit union converting into a federal credit union in accordance with this chapter shall thereupon be subject to the limitations, vested with the powers, and charged with the liabilities conferred and imposed by the Federal Credit Union Act (§ 1751 et seq. of Title 12, United States Code) upon credit unions organized thereunder, except that:
(1) No fee shall be imposed upon a credit union converting pursuant to this chapter as an incident to its conversion;
(2) Any loan or investment made by a credit union converting pursuant to this chapter in conformity with the District of Columbia Credit Unions Act prior to its conversion, which does not conform to the requirements of the Federal Credit Union Act and is still outstanding at the time of conversion, shall be liquidated at or before its maturity or, if it has no maturity date, in a prudent manner and within a reasonable period of time; and
(3) A credit union converting pursuant to this chapter shall submit proposed bylaws to the Administrator for his approval after its conversion, but not later than 30 days following its next annual meeting or 6 months after August 1, 1964, whichever is later; provided, that any existing bylaw inconsistent with any other requirements of the Federal Credit Union Act shall be deemed null and void.
(Aug. 1, 1964, 78 Stat. 377, Pub. L. 88-395, § 3.)
Prior Codifications
2001 Ed., § 26-503
1981 Ed., § 26-603.
1973 Ed., § 26-521.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5 - Credit Unions › Subchapter II - General pre-2020 › § 26–524. Repeal of District of Columbia Credit Unions Act

§ 26–524. Repeal of District of Columbia Credit Unions Act.
Effective 30 days after August 1, 1964, the District of Columbia Credit Unions Act (47 Stat. 326) [P.L. 72-190], as amended, is repealed and all organization certificates issued thereunder and still in force are revoked.
(Aug. 1, 1964, 78 Stat. 377, Pub. L. 88-395, § 4.)
Prior Codifications
2001 Ed., § 26-504
1981 Ed., § 26-604.
1973 Ed., § 26-522.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5A - Data Match Requirements for Financial Institution › § 26–531. Definitions

§ 26–531. Definitions.
For purposes of this chapter, the term:
(1) “Account” means a demand deposit account, checking or negotiable withdrawal order account, savings account, time deposit account, or money-market mutual fund account.
(2) “Financial institution” means the institution as defined in section 469A(d)(1) of the Social Security Act, approved August 22, 1996 (110 Stat. 2105; 42 U.S.C. § 669A(d)(1)).
(3) “IV-D agency” means the organizational unit of the District government, or any successor organizational unit, that is responsible for administering or supervising the administration of the District’s State Plan under title IV, part D of the Social Security Act, approved January 4, 1975 (88 Stat. 2351; 42 U.S.C. § 651 et seq.), pertaining to parent locator services, paternity establishment, and the establishment, modification, and enforcement of support orders.
(Apr. 3, 2001, D.C. Law 13-269, § 202, 48 DCR 1270.)
Emergency Legislation
For temporary (90 day) addition of section, see § 201 of the Child Support and Welfare Reform Compliance Emergency Amendment Act of 2001 (D.C. Act 13-446, November 7, 2000, 47 DCR 9213).
For temporary (90 day) addition of section, see § 202 of Child Support and Welfare Reform Compliance Congressional Review Emergency Amendment Act of 2001 (D.C. Act 14-5, February 13, 2001, 48 DCR 2440).
Temporary Legislation
Section 201 of D.C. Law 13-207 added this section.
Section 401(b) of D.C. Law 13-207 provided that the act shall expire after 225 days of its having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5A - Data Match Requirements for Financial Institution › § 26–532. Obligations of financial institutions; fees; liability; penalties

§ 26–532. Obligations of financial institutions; fees; liability; penalties.
(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 name, record address, social security number or other taxpayer identification number, and other identifying information (including account number) for each noncustodial parent who maintains an account at the institution, individually or jointly, and who owes past-due child or spousal support that is enforced by the IV-D agency, as identified by the Mayor by name and social security number or other taxpayer identification number; and
(2) Encumber or surrender assets held by the institution on behalf of a noncustodial parent who is subject to a lien pursuant to § 46-224 in response to a notice of lien or levy from the Superior Court or the IV-D agency.
(b) The IV-D agency may pay a reasonable fee to a financial institution for conducting the data match provided for in subsection (a) of this section, not to exceed the actual costs incurred by the financial institution.
(c) A financial institution shall not be liable under any District law for:
(1) Any disclosure of information to the IV-D agency under subsection (a) of this section;
(2) Encumbering or surrendering, in response to a notice of lien or levy issued by the IV-D agency, any assets it holds; or
(3) Any other action taken in good faith to comply with subsection (a) of this section.
(d) A financial institution that intentionally fails to comply with subsection (a) of this section shall be subject to a penalty of $5,000 for each failure to conduct a data match with data that the IV-D agency submits or attempts to submit to the financial institution. For purposes of this subsection, a single data submission may include data concerning multiple obligors. Penalties pursuant to this subsection shall be enforced in the Superior Court by the Corporation Counsel of the District of Columbia.
(Apr. 3, 2001, D.C. Law 13-269, § 203, 48 DCR 1270.)
Emergency Legislation
For temporary (90 day) addition of section, see § 201 of the Child Support and Welfare Reform Compliance Emergency Amendment Act of 2001 (D.C. Act 13-446, November 7, 2000, 47 DCR 9213).
For temporary (90 day) addition of section, see § 203 of Child Support and Welfare Reform Compliance Congressional Review Emergency Amendment Act of 2001 (D.C. Act 14-5, February 13, 2001, 48 DCR 2440).
Temporary Legislation
Section 201 of D.C. Law 13-207 added this section.
Section 401(b) of D.C. Law 13-207 provided that the act shall expire after 225 days of its having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5A - Data Match Requirements for Financial Institution › § 26–533. Liability of IV-D agency

§ 26–533. Liability of IV-D agency.
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 of civil damages pursuant to section 469A(c) of the Social Security Act, approved August 22, 1996 (110 Stat. 2105; 42 U.S.C. § 659A(c) ).
(Apr. 3, 2001, D.C. Law 13-269, § 204, 48 DCR 1270.)
Emergency Legislation
For temporary (90 day) addition of section, see § 201 of the Child Support and Welfare Reform Compliance Emergency Amendment Act of 2001 (D.C. Act 13-446, November 7, 2000, 47 DCR 9213).
For temporary (90 day) addition of section, see § 204 of Child Support and Welfare Reform Compliance Congressional Review Emergency Amendment Act of 2001 (D.C. Act 14-5, February 13, 2001, 48 DCR 2440).
Temporary Legislation
Section 201 of D.C. Law 13-207 added this section.
Section 401(b) of D.C. Law 13-207 provided that the act shall expire after 225 days of its having taken effect.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter I - General Provisions › § 26–551.01. Short title

§ 26–551.01. Short title.
This chapter may be cited as the “General Provisions of the 21st Century Financial Modernization Act of 2000”.
(June 9, 2001, D.C. Law 13-308, § 101, 48 DCR 3244.)
Section References
This section is referenced in § 26-1401.02.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter II - Abolishment of Department of Banking and Financial Institutions; Commissioner of the Department of Banking and Financial Institutions › § 26–551.04. Appointment of the Commissioner of the Department of Banking and Financial Institutions. [Repealed]

§ 26–551.04. Appointment of the Commissioner of the Department of Banking and Financial Institutions. [Repealed]
Repealed.
(June 9, 2001, D.C. Law 13-308, § 104, 48 DCR 3244; June 11, 2004, D.C. Law 15-166, § 2(c), 51 DCR 2817.)
Emergency Legislation
For temporary (90 day) repeal of section, see § 2(c) of Consolidation of Financial Services Emergency Amendment Act of 2004 (D.C. Act 15-381, February 27, 2004, 51 DCR 2653).
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter III - Financial Institutions Advisory Board › § 26–551.06. Establishment of the Financial Institutions Advisory Board

§ 26–551.06. 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.
(June 9, 2001, D.C. Law 13-308, § 106, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter III - Financial Institutions Advisory Board › § 26–551.08. Organization and operation of the Board

§ 26–551.08. Organization and operation of the Board.
(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.
(June 9, 2001, D.C. Law 13-308, § 108, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter III - Financial Institutions Advisory Board › § 26–551.09. Weight of advice of the Board

§ 26–551.09. Weight of advice of the Board.
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.
(June 9, 2001, D.C. Law 13-308, § 109, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.10. Examinations of financial institutions

§ 26–551.10. Examinations of financial institutions.
(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 cause to be examined, each financial institution doing business in the District at least once every 18 months. The examination shall analyze and determine whether the financial institution is in a safe and sound condition and operating in a safe and sound manner and shall monitor and determine the financial institution’s compliance with District and federal laws, regulations, and rules.
(c) The Commissioner may initiate a special examination of a financial institution whenever the Commissioner considers it necessary to ensure that the financial institution is being operated in a safe and sound manner and in compliance with District and federal laws, regulations, and rules.
(d) The Commissioner shall assess a fee, to be paid by the financial institution, for the expense of the examination under this section. The fee shall be determined as a percentage of the assets of the examined financial institution.
(June 9, 2001, D.C. Law 13-308, § 110, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.11. Reports on financial institutions

§ 26–551.11. Reports on financial institutions.
(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 condition of the reporting financial institution. The Commissioner may accept the most recent quarterly report filed by the financial institution with its appropriate federal financial institutions agency in the place of a quarterly financial report.
(b) A quarterly financial report shall be filed with the Commissioner within 30 days after the end of each calendar quarter.
(c) The Commissioner may require a financial institution to submit a special financial report if the Commissioner determines that a special financial report will assist the Commissioner in ensuring the safe and sound condition and operation of the financial institution.
(d) A special financial report shall be filed with the Commissioner within 30 days of the receipt of a request for the special financial report from the Commissioner.
(e) A quarterly financial report or a special financial report required under this section shall be signed and certified as accurate by the president or chief executive officer of the reporting financial institution.
(f) The Commissioner may accept a report, examination, or other information from a state or federal agency or regulatory body concerning the activities of a financial institution or its affiliate or subsidiary.
(g) The Commissioner shall prescribe forms to be used to comply with this section.
(June 9, 2001, D.C. Law 13-308, § 111, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.12. Initiation of formal investigation of a financial institution

§ 26–551.12. Initiation of formal investigation of a financial institution.
(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 may engage in a violation of a law, regulation, rule, condition, order, or request of the Commissioner, or any written agreement entered into with the Commissioner (“violation”), the Commissioner may conduct an investigation of the financial institution and issue and serve upon the institution a notice of charges.
(b) The Commissioner may request that an investigation, or portion of an investigation, be conducted by a District, state, or federal law enforcement agency.
(June 9, 2001, D.C. Law 13-308, § 112, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.13. Notice of charges; hearing; final order

§ 26–551.13. Notice of charges; hearing; final order.
(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 institution or its subsidiary or affiliate has engaged, or may engage, in.
(b) The notice of charges shall set a date, time, and place at which a hearing shall be held to determine whether the alleged violation or unsafe or unsound practice has occurred, or may occur, and whether a cease and desist order should be issued against the financial institution, or its subsidiary or affiliate. The hearing date shall be no earlier than 30 days, and no later than 60 days, after the date of service of the notice of charges; provided, that the hearing date may be set earlier or later if it is determined under rules issued by the Commissioner that there are emergency circumstances or that it is impractical to hold the hearing during the prescribed period.
(c) A hearing under this section shall be held in the District, unless otherwise specified by the Commissioner, and shall be held before the Commissioner or a person that the Commissioner appoints.
(d) The Commissioner may issue a subpoena to compel the attendance of a witness at a hearing or to compel the production of any document, paper, book, record, or other evidence for the investigation.
(e) The Commissioner or the Commissioner’s appointee may administer an oath and take the testimony of any person under oath in the conduct of the investigation.
(f) A hearing under this section shall be conducted in accordance with Chapter 5 of Title 2.
(g) A hearing conducted under this section shall be open to the public, unless the Commissioner determines that it is necessary or appropriate to hold a private hearing to protect the public interest.
(h) Within 90 days after the conclusion of a hearing under this section, the Commissioner shall issue a final decision and order, in writing, and shall serve the final decision and order on each party to the investigatory proceeding.
(June 9, 2001, D.C. Law 13-308, § 113, 48 DCR 3244.)
Section References
This section is referenced in § 26-551.15, § 26-551.16, § 26-551.17, § 26-551.18, and § 26-551.20.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.14. Notification of other government agencies

§ 26–551.14. Notification of other government agencies.
(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) If the Commissioner determines that a national bank, federally chartered savings and loan, federally chartered savings bank, or federally chartered credit union has acted in violation of the laws of the District or has engaged in an unsafe or unsound conduct, the Commission shall notify the appropriate federal financial institutions agency and the United States Attorney General.
(June 9, 2001, D.C. Law 13-308, § 114, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.15. Modification or rescission of orders

§ 26–551.15. Modification or rescission of orders.
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 determines that:
(1) It is in the public interest to modify or rescind the final order; and
(2) It is reasonable to believe that the financial institution, the financial institution’s affiliate or subsidiary, or the other party to the investigatory proceeding will engage in safe and sound practices and will comply with the District of Columbia Banking Code.
(June 9, 2001, D.C. Law 13-308, § 115, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.16. Cease and desist order

§ 26–551.16. Cease and desist order.
(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 under § 26-551.13 supports a finding that the violation or unsafe and unsound practice specified in the notice of charges has occurred or reasonably likely to occur.
(b) A final cease and desist order may require that a financial institution or a director, officer, trustee, employee, agent, affiliate, or subsidiary of the financial institution:
(1) Cease and desist from the violation or unsafe or unsound practice or from any activity that will or may result in a violation or unsafe or unsound practice;
(2) Take affirmative action to correct the violation, unsafe or unsound practice, or condition resulting from the violation or unsafe or unsound practice or to avoid a violation or unsafe or unsound practice; or
(3) Provide indemnification, reimbursement, restitution, or any other relief that the Commissioner determines is appropriate.
(c) A final cease and desist order shall become effective 30 days after the service of the order upon the financial institution or its affiliate or subsidiary; provided, that a final cease and desist order which has been issued upon the consent of the Commissioner and a financial institution or other parties shall become effective upon the date specified in the consent order.
(d) A final cease and desist order shall remain in effect until it is stayed, modified, terminated, or set aside by the Commissioner or a court.
(e) In addition to, or instead of, issuing a final cease and desist order, the Commissioner may enter into an informal enforcement action, such as a supervisory agreement or memorandum of understanding, with the financial institution.
(June 9, 2001, D.C. Law 13-308, § 116, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.17. Temporary cease and desist order

§ 26–551.17. Temporary cease and desist order.
(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 practice is likely to cause:
(1) Insolvency of the financial institution;
(2) Substantial dissipation of assets or earnings of the financial institution;
(3) Serious weakening of the condition of the financial institution;
(4) Serious prejudice to the interests of the depositors or investors of the financial institution or to the general public; or
(5) The inability to determine, because of incomplete or inaccurate records, the financial condition of a financial institution or the inability to determine the details or purpose of a transaction that may have a material effect on the financial condition of a financial institution.
(c) The temporary cease and desist order may require a financial institution or its affiliate or subsidiary to immediately cease and desist from a violation or unsafe or unsound practice and to take affirmative action to prevent an occurrence set forth in paragraphs (1) through (5) of subsection (b) of this section pending completion of investigatory proceedings under this chapter. If a notice of charges issued under § 26-551.13 states that the books and records of a financial institution are so incomplete or inaccurate that the Commissioner is unable to determine the financial condition of the institution or to ascertain the details or purpose of a transaction, the Commissioner may issue a temporary cease and desist order that requires the financial institution to cease an activity or practice which caused or contributed to the incomplete or inaccurate state of the books or records or take affirmative action to restore the books or records to a complete and accurate state.
(d) A temporary cease and desist order shall be effective upon service.
(e) A temporary cease and desist order shall remain in effect until:
(1) Set aside, limited, or suspended by a court;
(2) The completion of the investigatory proceeding initiated by the notice of charges, if the Commissioner dismisses the notice of charges;
(3) An order by the Commissioner revoking the temporary cease and desist order; or
(4) The issuance of a final cease and desist order.
(June 9, 2001, D.C. Law 13-308, § 117, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.18. Confidentiality of information

§ 26–551.18. Confidentiality of information.
(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 Commissioner determines is appropriate to disclose in the final order issued under § 26-551.13;
(2) Information furnished to, or obtained by, the Department, the disclosure of which the Commissioner determines could endanger the safety and soundness of a financial institution;
(3) Personal financial information furnished to, or obtained by the Department, except as the Commissioner determines is appropriate to disclose in the final order issued under § 26-551.13.
(b) Notwithstanding subsection (a) of this section, the contents of a report or examination of a person or information, including personal information, furnished to or obtained by the Department may be disclosed:
(1) To employees, agents, and contractors of the Department in the performance of the duties of the employee, agent, or contractor;
(2) To the directors, officers, and other persons authorized by the board of directors of a financial institution or other entity, if the financial institution or other entity furnished the information to the Department;
(3) To authorized and appropriate government agencies; or
(4) In accordance with a court order.
(June 9, 2001, D.C. Law 13-308, § 118, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.19. Enforcement of Department order, subpoena, or notice of charges

§ 26–551.19. Enforcement of Department order, subpoena, or notice of charges.
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 the District of Columbia may order compliance with the notice of charges, subpoena, final cease and desist order, or temporary cease and desist order.
(June 9, 2001, D.C. Law 13-308, § 119, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.20. Judicial review

§ 26–551.20. Judicial review.
(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 final order or a final cease and desist order issued under this chapter shall be reviewable by the Superior Court of the District of Columbia. The review of the final order or the final cease and desist order shall be confined to the record of the hearing conducted under § 26-551.13 and to a determination of whether the Commissioner’s order was arbitrary or capricious.
(c) In addition to any temporary cease and desist order, final order. or final cease and desist order issued by the Commissioner pursuant to subsections (a) and (b) of this section, any final order of the Commissioner or final action of the Department shall be subject to review by the Superior Court of the District of Columbia, unless the final order or final agency action is appealable to the District of Columbia Court of Appeals pursuant to § 2-510.
(June 9, 2001, D.C. Law 13-308, § 120, 48 DCR 3244; Nov. 5, 2013, D.C. Law 20-40, § 3, 60 DCR 12304.)
Effect of Amendments
The 2013 amendment by D.C. Law 20-40 added subsection (c).
Editor's Notes
Applicability of D.C. Law 20-40: Section 8 of D.C. Law 20-40 provided that §§ 2 and 3 of the act shall apply as of November 7, 2011.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter IV - Investigation, Examination, and Enforcement Powers of the Commissioner › § 26–551.21. Penalty for violation of final order

§ 26–551.21. Penalty for violation of final order.
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.
(June 9, 2001, D.C. Law 13-308, § 121, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter V - Generally Prohibited Activities › § 26–551.22. Prohibition of fraud

§ 26–551.22. Prohibition of fraud.
A financial institution shall not engage in a fraudulent activity or an act against the public interest.
(June 9, 2001, D.C. Law 13-308, § 122, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter VI - Miscellaneous Provisions › § 26–551.23. Rulemaking

§ 26–551.23. Rulemaking.
The Commissioner may issue rules implementing this chapter, pursuant to subchapter I of Chapter 5 of Title 2.
(June 9, 2001, D.C. Law 13-308, § 123, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 5B - Administration of the Banking Code › Subchapter VI - Miscellaneous Provisions › § 26–551.25. Validity of prior law

§ 26–551.25. Validity of prior law.
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 DCR 3244 ), shall continue to be valid until the Commissioner amends or withdraws the decision.
(June 9, 2001, D.C. Law 13-308, § 125, 48 DCR 3244.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 6 - Special Account for Office of Banking and Financial Institutions › § 26–601. Definitions. [Repealed]

§ 26–601. Definitions. [Repealed]
Repealed.
(Mar. 20, 1998, D.C. Law 12-60, § 1802, 44 DCR 7378; Mar. 26, 1999, D.C. Law 12-175, § 1902(a), 45 DCR 7193.)
Prior Codifications
1981 Ed., § 26-802.2.
Emergency Legislation
For temporary repeal of section, see § 1502(a) of the Fiscal Year 1999 Budget Support Emergency Act of 1998 (D.C. Act 12-401, July 13, 1998, 45 DCR 4794) and § 1502(a) of the Fiscal Year 1999 Budget Support Congressional Review Emergency Act of 1998 (D.C. Act 12-564, January 12, 1999, 46 DCR 669).
For temporary (90-day) amendment of section, see § 1502(a) of the Fiscal Year 1999 Budget Support Congressional Review Emergency Act of 1999 (D.C. Act 13-41, March 31, 1999, 46 DCR 3446).
Temporary Legislation
D.C. Law 12-59, title XVIII, § 1802 ( 44 DCR 7356), eff. March 20, 1998, provided for the temporary addition of this section.
Section 2001(b) of D.C. Law 12-59 provided for expiration “after 225 days of its having taken effect.”
Section 2002 of D.C. Law 12-59 provided: “Sec. 2002. This act shall apply as of October 1, 1997.”
Editor's Notes
D.C. Law 12-60, title XVIII, § 1802 ( 44 DCR 7378), eff. March 20, 1998, added this section. Section 2002 of D.C. Law 12-60 provided: “Sec. 2002. This act shall apply as of October 1, 1997.”
Application of D.C. Law 12-175: Section 1904 of D.C. Law 12-175 provided that the act shall apply as of October 1, 1998.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 6 - Special Account for Office of Banking and Financial Institutions › § 26–602. Establishment of special account. [Repealed]

§ 26–602. Establishment of special account. [Repealed]
Repealed.
(Mar. 20, 1998, D.C. Law 12-60, § 1803, 44 DCR 7378; Mar. 26, 1999, D.C. Law 12-175, § 1902(b), 45 DCR 7193; Apr. 20, 1999, D.C. Law 12-264, § 25, 46 DCR 2118; Apr. 13, 2005, D.C. Law 15-354, § 36, 52 DCR 2638.)
Prior Codifications
1981 Ed., § 26-802.3.
Emergency Legislation
For temporary addition of §§  26-802.3 and 26-802.4 [1981 Ed.], see §§ 1802 to 1804 of the Fiscal Year 1998 Revised Budget Support Emergency Act of 1997 (D.C. Act 12-152, October 17, 1997, 44 DCR 6196) and §§ 1802 to 1804 of the Fiscal Year 1998 Revised Budget Support Congressional Review Emergency Act of 1997 (D.C. Act 12-239, January 13, 1998, 45 DCR 508).
For temporary amendment of section, see § 1502(b) of the Fiscal Year 1999 Budget Support Emergency Act of 1998 (D.C. Act 12-401, July 13, 1998, 45 DCR 4794), and § 1502(b) of the Fiscal Year 1999 Budget Support Congressional Review Emergency Act of 1998 (D.C. Act 12-564, January 12, 1999, 46 DCR 669).
For temporary (90-day) amendment of section, see § 1502(b) of the Fiscal Year 1999 Budget Support Congressional Review Emergency Act of 1999 (D.C. Act 13-41, March 31, 1999, 46 DCR 3446).
For temporary (90-day) amendment of section, see § 1502(c) of the Fiscal Year 1999 Budget Support Congressional Review Emergency Act of 1999 (D.C. Act 13-41, March 31, 1999, 46 DCR 3446).
Temporary Legislation
Sections 1802 through 1804 of D.C. Law 12-59 added §§ 26-802.3 and 26-802.4 [1981 Ed.].
Section 2001(b) of D.C. Law 12-59 provided the act shall expire after 225 days of its having taken effect.
Editor's Notes
Application of Law 12-60: Section 2002 of D.C. Law 12-60 provided that the act shall apply as of October 1, 1997.
Application of D.C. Law 12-175: See Historical and Statutory Notes following § 26-601.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 6 - Special Account for Office of Banking and Financial Institutions › § 26–603. Fees credited to the special account. [Repealed]

§ 26–603. Fees credited to the special account. [Repealed]
Repealed.
(Mar. 20, 1998, D.C. Law 12-60, § 1804(1), 44 DCR 7378; Mar. 26, 1999, D.C. Law 12-175, § 1902(c), 45 DCR 7193; Apr. 3, 2001, D.C. Law 13-263, § 1411(a), 48 DCR 991; May 7, 2002, D.C. Law 14-132, §§ 601(b), 602(a), 49 DCR 2551; Apr. 13, 2005, D.C. Law 15-354, § 36, 52 DCR 2638.)
Prior Codifications
1981 Ed., § 26-802.4.
Emergency Legislation
For temporary amendment of section, see § 1502(c) of the Fiscal Year 1999 Budget Support Emergency Act of 1998 (D.C. Act 12-401, July 13, 1998, 45 DCR 4794) and § 1502(c) of the Fiscal Year 1999 Budget Support Congressional Review Emergency Act of 1999 (D.C. Act 12-564, January 12, 1999, 46 DCR 669).
Section 2 of Act 14-188, the “Protections from Predatory Lending and Mortgage Foreclosure Improvements Emergency Amendment Act”, deemed approved Nov. 27, 2001, without the signature of the Mayor, provided that D.C. Law 13-263 shall not apply beginning November 6, 2001, through March 6, 2002.
For temporary (90 day) amendment of section, see § 601(b) of Home Loan Protection Emergency Act of 2002 (D.C. Act 14-295, March 1, 2002, 49 DCR 2534).
Temporary Legislation
Section 2 of D.C. Law 14-86, the “Protections from Predatory Lending and Mortgage Foreclosure Improvements Temporary Amendment Act of 2001”, effective March 19, 2002, provided that D.C. Law 13-263 shall not apply beginning November 6, 2001, through March 6, 2002.
Section 4(b) of D.C. Law 14-86 provided that the act shall expire after 225 days of its having taken effect.
For temporary addition of sections, see notes following § 26-602.
Editor's Notes
Application of Law 12-60: See Historical and Statutory Notes following § 26-602.
Application of D.C. Law 12-175: See Historical and Statutory Notes following § 26-601.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 6A - International Banking › § 26–632. Construction of legal and financial terms used in chapter

§ 26–632. Construction of legal and financial terms used in chapter.
Legal and financial terms used in this chapter refer to equivalent terms used by the country in which the international banking corporation is organized.
(Apr. 3, 2001, D.C. Law 13-268, § 3, 48 DCR 1251.)
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 6A - International Banking › § 26–633. Application of the District of Columbia Banking Code

§ 26–633. Application of the District of Columbia Banking Code.
(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, except where it may appear, from the context or otherwise, that such provisions are clearly applicable only to banks or trust companies organized under the laws of the District of Columbia.
(b) An international banking corporation may conduct its banking business in the District of Columbia with the same, but no greater, rights and privileges as a District of Columbia bank, and except as otherwise provided in this chapter, subject to the same duties, restrictions, penalties, and liabilities now or hereafter imposed under the District of Columbia Banking Code upon a District of Columbia bank.
(Apr. 3, 2001, D.C. Law 13-268, § 4, 48 DCR 1251.)
Section References
This section is referenced in § 26-636.
2023 District of Columbia Code › Title 26 - Banks and Other Financial Institutions › Chapter 6A - International Banking › § 26–634. Requirements for international banking corporation activities

§ 26–634. Requirements for international banking corporation activities.
(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 complied with the laws of the jurisdiction in which it is chartered;
(2) Furnished to the Department such proof as to the nature and character of its business and as to its financial condition as the Department may require;
(3) Filed with the Department a certified copy of any information required to be supplied to the District of Columbia by a foreign corporation under § 29-101.99; and
(4) Been licensed by the Department.
(b) An international banking corporation may engage in representational and other activities in the District of Columbia, other than those specified in § 26-635, only as authorized in § 26-636.
(c) Any person who establishes or maintains an office or transacts business in the District of Columbia in violation of this section shall be subject to the penalties imposed by § 26-103(g).
(Apr. 3, 2001, D.C. Law 13-268, § 5, 48 DCR 1251.)
Section References
This section is referenced in § 26-635.