W. Va. Code R. § 106-12-1

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-12-1 - General

1.1. Scope. -- This rule establishes general guidelines implementing W. Va. Code '31A-8B-1 et seq., the West Virginia Community Reinvestment Act; it applies to all bank holding companies, all state-chartered banking institutions, all domestic subsidiaries of bank holding companies and all domestic subsidiaries of state-chartered banks operating or with application to operate in West Virginia. W. Va. Code '31A-8B-1 et seq. and this rule are intended to encourage banks and bank holding companies to help meet the credit needs of their local community or communities and to provide guidance to banks and bank holding companies as to how the Commissioner of Banking ("Commissioner") and the West Virginia Board of Banking and Financial Institutions ("Board") will assess the records of these institutions in satisfying their continuing and affirmative obligations to help meet the credit needs of the local communities, including low and moderate-income neighborhoods, consistent with the safe and sound operation of those institutions. The Commissioner and the Board will take the records of applicant banks and bank holding companies in complying with the provisions of both the Federal and West Virginia Community Reinvestment Acts into account when evaluating applications for deposit facilities and applications for permission to engage in financially-related services.

1.2. Authority. -- W. Va. Code '31A-8B-5.

1.3. Filing Date. -- June 9, 1993.

1.4. Effective Date. -- July 1, 1993.

W. Va. Code R. § 106-12-1