W. Va. Code R. § 106-3-2

Current through Register Vol. XLI, No. 50, December 13, 2024
Section 106-3-2 - Maintenance of Records and Accounts
2.1. Off-premise bookkeeping services.

Prior to contracting off-premise data processing bookkeeping services, a financial institution shall notify the Commissioner of Banking of the contracted services. Both the financial institution and the off-premise processing servicer shall in writing assure the Commissioner that the party performing those services shall be subject to regulation and examination by the commissioner and any appropriate federal supervisory agency to the same extent as if the services were being performed by the financial institution on its own premises. Submission of a copy of the written contract for off-premises data processing bookkeeping services between the state financial institution and the service provider, signed by both parties, which contains a contractual obligation for the service provider to be subject to regulation and examination by the Commissioner and any appropriate federal agency, shall satisfy the written assurance requirement.

W. Va. Code R. § 106-3-2