(a) Repealed;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 District through the increased availability of capital and credit;
(3) Expand advantageous financial services to the public in a nondiscriminatory manner;
(4) Charter and regulate banks, savings banks, savings companies, trust companies, or other financial institutions seeking to establish, in accordance with § 26-101 , an office or banking house located within the District where deposits or savings are received;
(5) Regulate, to the extent provided in § 26-1301 , companies which are formed for the purpose of carrying on any 1 of the following 3 classes of business in the District:
(A) A safe deposit, trust, loan, and mortgage business;
(B) A title insurance, loan, and mortgage business; or
(C) A security, guarantee, indemnity, loan, and mortgage business;
(6) Charter and regulate building associations, building and loan associations, and savings and loan associations which are formed within the District for the purpose of carrying on the activities described in § 26-204 ;
(7) Regulate the branching or opening of additional offices by financial institutions under the supervision of the Superintendent [Commissioner];
(8) Regulate the institutions described in paragraphs (4), (5), and (6) of this subsection to the same extent that these financial institutions were regulated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Home Loan Bank Board prior to April 11, 1986, and in a manner that promotes safe and sound financial practices;
(9) Promote and maintain, to the extent possible, an economic climate and regulatory framework that will encourage financial institutions to organize to do business in the District of Columbia;
(10) Upon confirmation, administer, to the extent provided in this subchapter, the provisions of this subchapter concerning interstate banking;
(11) Assure that all financial institutions under the supervision or control of the Office of Banking and Financial Institutions [Department of Insurance, Securities, and Banking] and all banks and bank holding companies seeking entry into the District of Columbia under the interstate banking provisions in this subchapter provide financial services to the public in a manner that fosters the development and revitalization of housing and commercial corridors in underserved neighborhoods in the District, helps meet the credit and deposit service needs of lower income and minority residents of the District, and expands financial and technical support for small, minority, and women-owned businesses;
(12) In all respects permitted by law, act as the District government’s regulatory authority for financial institutions operating in the District;
(13) Establish fees not otherwise established by act, and, from time to time, increase the fees established by act;
(14) Issue rules necessary to carry out the purposes of this subchapter;
(15) Receive and investigate complaints or initiate an investigation in regard to a possible violation of this subchapter or § 26-103 (“Banking Business Act”);
(16) If an investigation warrants, examine, which may include an audit, a person who may act as a bank to assure that the person acts in compliance with the law or examine, which may include an audit, a District of Columbia (“District”) banking corporation chartered by the Superintendent [Commissioner] and the banking corporation’s affiliate or subsidiary to assure that the bank, affiliate, or subsidiary operates in compliance with the law and in a manner that preserves the safety and soundness of the bank, affiliate, or subsidiary;
(17) Inform any other District or federal agency with an interest that an investigation is ongoing;
(18) If an investigation warrants, hold a hearing, issue a subpoena to compel the attendance of a witness, administer an oath, and take the testimony of any person under oath in regard to any violation or possible violation of this subchapter or § 26-103 ;
(19) If an investigation warrants, issue a subpoena to compel the production of any document, paper, book, record, or other evidence in regard to any violation or possible violation of this subchapter or § 26-103 ;
(20) Issue a cease and desist order related to any violation or possible violation of this subchapter or § 26-103 pursuant to § 26-712 ;
(21) Pursue, through the Office of the Corporation Counsel, the obtaining of a restraining order, the appointment of a receiver, the involuntary dissolution of a corporation, or the freezing or seizure of assets of a corporation or person related to a violation or possible violation of this subchapter or § 26-103 pursuant to § 26-712 ; and
(22) Submit an annual report to the Council of all actions that the Commissioner takes pursuant to this section.
(b-1) The Superintendent [Commissioner] shall, upon a finding of a violation of this subchapter or § 26-103 , refer the matter to the Corporation Counsel for the District of Columbia or United States Attorney for civil or criminal enforcement, as the case may warrant.
(c) All rules which the Superintendent [Commissioner] issues pursuant to this subchapter shall be transmitted to the Council for a 45-day review period, excluding Saturdays, Sundays, holidays, and days when Council is in recess. The Council may adopt a resolution disapproving the rules, in whole or in part, within the 45-day review period. If the Council, by resolution, does not approve or disapprove the rules before the expiration of the 45-day review period, the rules shall become effective at the expiration of the 45-day review period.
(1) Until a Superintendent [Commissioner] is appointed and confirmed pursuant to this section, all duties and responsibilities of the Superintendent [Commissioner] concerning the chartering of new financial institutions under § 26-704(a) shall be performed by the Mayor, or his or her designee.
(2) During any period the Mayor, or his or her designee, is performing the duties and responsibilities of the Superintendent [Commissioner], the Mayor, or his or her designee, may enter into contracts with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, or any other entities, for those services necessary to carry out the duties and responsibilities of the Superintendent [Commissioner].