Guam § 106357 - Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees.

§ 106357. Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees.

(a) To the extent consistent with Subsection (c), the Commissioner may examine any branch

established and maintained in Guam by an out-of-state bank as the Commissioner deems necessary to

determine whether the branch is being operated in compliance with the laws of Guam and in accordance

with safe and sound banking practices. Sections 103105 and 103106 shall apply to the examinations of the

out-of-state banks in the same manner as to the examinations of territorial banks.

(b) The Commissioner may require periodic reports regarding any out-of-state bank that operates a

branch in Guam. The required reports shall be provided by the bank or bank supervisory agency having

primary responsibility for the bank. Any reporting requirements prescribed by the Commissioner under this

Subsection shall be (1) consistent with the reporting requirements applicable to territorial banks and (2)

appropriate for the purpose of enabling the Commissioner to carry out the Commissioner’s responsibilities

under this Title.

(c) The Commissioner may enter into cooperative, coordinating and information-sharing agreements

with any other bank supervisory agencies or any organization affiliated with or representing one (1) or more

bank supervisory agencies with respect to the periodic examination or other supervision of any branch in

Guam of an out-of-state bank, or any branch of a territorial bank in any host state, and the Commissioner

may accept the parties’ reports of examination and reports of investigation in lieu of conducting the

Commissioner’s own examinations or investigations.

(d) The Commissioner may enter into contracts with any bank supervisory agency that has concurrent

jurisdiction over a territorial bank or an out-of-state state bank operating a branch in Guam to engage the

services of the agency’s examiners at a reasonable rate of compensation, or to provide the services of the

Commissioner’s examiners to the agency at a reasonable rate of compensation.

(e) The Commissioner may enter into joint examinations or joint enforcement actions with other bank

supervisory agencies having concurrent jurisdiction over any branch in Guam of an out-of-state bank or

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any branch of a territorial bank in any host state; provided that the Commissioner at any time may take

action independently if the Commissioner deems the action to be necessary or appropriate to carry out the

Commissioner’s responsibilities under this Title or to ensure compliance with the laws of Guam; provided

further that, in the case of an out-of-state bank, the Commissioner shall recognize the exclusive authority

of the home state regulator over corporate governance matters and the primary responsibility of the home

state regulator with respect to safety and soundness matters.

(f) Each out-of-state bank that maintains one (1) or more branches in Guam may be assessed and, if

assessed, shall pay supervisory, examination, and other fees in accordance with the laws of Guam and rules

of the Commissioner. The fees may be shared with other bank supervisory agencies or any organization

affiliated with or representing one (1) or more bank supervisory agencies in accordance with agreements

between the parties and the Commissioner.