Vermont § 11501 - Examinations

§ 11501. Examinations

• (a) The Commissioner shall conduct a regular examination of the condition of each Vermont
  financial institution at least once every three years or more frequently as the Commissioner
  determines it to be prudent. (b) The Commissioner may at any time conduct a special examination or may expand the scope
  of any regular examination. An entity examined pursuant to this subsection shall be
  responsible for examination fees and expenses provided in section 18 of this title and collected as provided in subsections 19(c) and (e) of this title. (c) The Commissioner shall be given access to all the files, books, accounts, securities,
  and assets of the financial institution and any person under contract with it to perform
  services for the financial institution that the Commissioner deems material to the
  financial condition of the financial institution and shall be afforded every reasonable
  facility for making an examination of the affairs of the financial institution and
  such person under contract. (d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company,
  the majority of the stock of which is owned by a Vermont financial institution, or
  that is found by the Commissioner to be controlled by a Vermont financial institution.
  In addition, whenever the Commissioner deems it necessary in the conduct of the exercise
  of the Commissioner’s supervisory authority over a financial institution, the Commissioner
  may review the records of any person that controls a Vermont financial institution.
  In furtherance of the conduct of the exercise of the Commissioner’s supervisory authority
  over a Vermont financial institution, to the extent not prohibited by federal law,
  and upon the request of the Commissioner, a person that controls a financial institution
  shall furnish to the Commissioner copies of reports filed with the Federal Reserve
  Board or the Office of Thrift Supervision. Such person shall also consent to the request
  by the Commissioner to the Federal Reserve Board or the Office of Thrift Supervision
  for any other information pertaining to such person. The Commissioner shall not disclose
  any information obtained pursuant to this section that is treated as confidential
  by the Federal Reserve Board or the Office of Thrift Supervision. Nothing in this
  section shall be construed to grant any additional examination, supervisory, or regulatory
  authority over any person that controls a Vermont financial institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)