Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 10 - DELEGATION OF CERTAIN AUTHORITY TO THE COMMISSIONER OF THE BUREAU OF FINANCIAL INSTITUTIONS › Section 10VAC5-10-10 - Powers delegated to Commissioner of Financial Institutions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The State
				Corporation Commission has delegated to the Commissioner of Financial
				Institutions the authority to exercise its powers and to act for it in the
				following matters:
1. To grant or deny
				petitions relating to service by an individual as a director of more than one
				financial institution. (§ 6.2-104 of the Code of Virginia.)
2. To grant a certificate of authority to a
				bank formed for the purpose of its being acquired under the provisions of
				Chapter 14 (§ 6.1-390 et seq.) of Title 6.1 of the Code of Virginia, or
				for the purpose of facilitating the consolidation of banks or the acquisition
				by merger of a bank pursuant to any provision of Title 6.2 of the Code of
				Virginia. (§§ 6.2-816 and 6.2-822 of the Code of Virginia.)
3. To grant or deny authority to a bank, or
				to a trust subsidiary, to engage in the trust business or exercise trust
				powers. (§§ 6.2-819, 6.2-1001, 6.2-1049, and 6.2-1054 of the Code of
				Virginia.)
4. To approve an office
				of a trust subsidiary; to authorize a trust company to establish an additional
				office; to authorize a state bank or trust company to establish or acquire a
				trust office in another state; and to deny an application by a state bank to
				establish a branch or relocate an authorized office in Virginia. (§§
				6.2-831, 6.2-1028, 6.2-1055, and 6.2-1066 of the Code of Virginia.) To approve
				the establishment, acquisition, maintenance, and operation of branches of state
				banks in states other than Virginia. (§§ 6.2-837 and 6.2-850 of the
				Code of Virginia.)
5. To permit a
				state bank to operate or advertise a branch office under a name that is not
				identical to the bank's own name. (§ 6.2-834 of the Code of
				Virginia.)
6. To object to an
				application or notice by an out-of-state trust institution or an out-of-state
				bank to establish or acquire a trust office or branch in Virginia, upon finding
				that the filing requirements and the conditions for approval prescribed by law
				are not fulfilled. (§§ 6.2-840, 6.2-841, 6.2-852, 6.2-853, 6.2-1069,
				and 6.2-1070 of the Code of Virginia.)
7. To grant approval for directors' meetings
				of a bank or trust company to be held less frequently than monthly. (§
				6.2-866 of the Code of Virginia;
				10VAC5-22-20.)
8. To grant approval for the investing of
				more than 50% of the aggregate amount of a bank's capital stock, surplus, and
				undivided profits in its bank building and premises; and to permit the payment
				of dividends while such investment exceeds 50% of capital, surplus, and
				undivided profits. (§ 6.2-870 of the Code of Virginia.)
9. To consent to a bank's investment in more
				than one service corporation. (§ 6.2-871 of the Code of
				Virginia.)
10. To give permission
				for the aggregate investment of more than 50% of a bank's capital stock and
				permanent surplus in the stock, securities, or obligations of
				controlled-subsidiary and bank service corporations. (§ 6.2-885 of the
				Code of Virginia.)
11. To give
				written consent and approval for a bank to hold the possession of certain real
				estate for a longer period than 10 years. (Subdivision 4 of § 6.2-872 of
				the Code of Virginia.)
12. To
				approve the issuance by a bank of capital notes and debentures, so that such
				notes and debentures may qualify as surplus for the purpose of calculating the
				legal lending limit of a bank. (§ 6.2-875 of the Code of
				Virginia.)
13. To give written
				approval in advance for a bank or trust company to pledge its assets as
				security for certain temporary purposes. (§ 6.2-890 of the Code of
				Virginia.)
14. To require any bank
				to prepare and submit such reports and material as he may deem necessary to
				protect and promote the public interest. (§ 6.2-907 of the Code of
				Virginia.)
15. To approve the
				issuance of stock in a savings institution in exchange for property or services
				valued at an amount not less than the aggregate value of the shares issued.
				(§ 6.2-1117 of the Code of Virginia.)
16. To reduce temporarily the reserve
				requirements for a savings institution upon a finding that such reduction is in
				the best interest of the institution and its members. (§ 6.2-1130 of the
				Code of Virginia.)
17. To grant a
				certificate of authority to a savings institution formed solely for the purpose
				of facilitating the merger or acquisition of savings institutions pursuant to
				any provision of Title 6.2 of the Code of Virginia.
18. To grant or deny authority to a state
				association, a state savings bank or a foreign savings institution to establish
				a branch office, or other office or facility where deposits are accepted
				(§ 6.2-1133 of the Code of Virginia), or to change the location of a main
				or branch office. (§ 6.2-1135 of the Code of Virginia.)
19. To cause a special examination of a
				savings institution to be made. (§ 6.2-1201 of the Code of
				Virginia.)
20. To grant or deny
				authority to a savings institution to exercise fiduciary powers. (§§
				6.2-1081 et seq. and 6.2-1099 of the Code of Virginia.)
21. To grant or deny approval to a credit
				union to maintain a service facility or office (other than a main office).
				(§ 6.2-1326 of the Code of Virginia.)
22. To make such findings as are required by
				§§ 6.2-1327 and 6.2-1328 of the Code of Virginia relating to fields
				of membership of credit unions and the expansion of such fields of
				membership.
23. To approve the
				investment of credit union funds in certain stock, securities and other
				obligations. (Subdivision 8 of § 6.2-1376 of the Code of
				Virginia.)
24. To grant or deny
				authority to an industrial loan association to relocate its office. (§
				6.2-1408 of the Code of Virginia.)
25. To grant or deny licenses pursuant to
				Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2 of the Code of Virginia.
				(§ 6.2-1507 of the Code of Virginia.)
26. To grant or deny licenses to engage in
				the business of selling money orders or the business of money transmission, or
				both, and approve or disapprove acquisitions of ownership interests in
				licensees. (§§ 6.2-1901, 6.2-1902, and 6.2-1914 of the Code of
				Virginia.)
27. To grant or deny
				licenses to operate credit counseling agencies. (§ 6.2-2005 of the Code of
				Virginia.)
28. To grant or deny
				permission to a credit counseling agency licensee to relocate an office or open
				an additional office and approve or disapprove acquisitions of ownership
				interests in licensees. (§§ 6.2-2006 and 6.2-2007 of the Code of
				Virginia.)
29. To grant or deny
				licenses to engage in business as a mortgage lender and/or mortgage broker, and
				prescribe conditions under which exclusive agents of licensees may act as
				mortgage brokers without a license and approve or disapprove individuals as
				qualified exclusive agents of licensees. (§§ 6.2-1601 and 6.2-1606 of
				the Code of Virginia.)
30. To grant
				or deny permission to a mortgage lender or mortgage broker licensee to relocate
				an office or open an additional office and approve or disapprove acquisitions
				of ownership interests in licensees. (§§ 6.2-1607 and 6.2-1608 of the
				Code of Virginia.)
31. To grant or
				deny licenses to engage in business as a mortgage loan originator, and set the
				amount of surety bond required for such licensure. (§§ 6.2-1703 and
				6.2-1706 of the Code of Virginia.)
32. To enter into cooperative agreements with
				appropriate regulatory authorities for the examination of out-of-state bank
				holding companies and their subsidiaries and out-of-state savings institution
				holding companies and their subsidiaries and for the accomplishment of other
				duties imposed on the commission by Article 5 (§ 6.2-1148 et seq.) of
				Chapter 11 and by Chapter 7 (§ 6.2-700 et seq.) of Title 6.2 of the Code
				of Virginia.
33. To prescribe the
				form and content of all applications, documents, undertakings, papers, and
				information required to be submitted to the commission under Title 6.2 of the
				Code of Virginia.
34. To make all
				investigations and examinations, give all notices, and shorten, waive, or
				extend any time period within which any action of the commission must or may be
				taken or performed under Title 6.2 of the Code of Virginia.