Visitorial Legal Definition

(3) Unless otherwise provided by federal law, the OCC has the exclusive right to inspect the content and conduct of activities authorized for national banks under federal law. (b) Exclusion. Consistent with the Supreme Court`s decision in Cuomo v. Clearing House Assn., L. L. C., 129 p. Ct. 2710 (2009), an action brought against a national bank in a court of competent jurisdiction by an Attorney General (or other senior law enforcement official) to enforce an applicable law against a national bank and to seek a remedy authorized under this Act, no exercise of visitor`s rights under 12 U.S.C. 484. (2) For the purposes of this section, visiting powers include: (3) Congressional exception. National banks are subject to these visiting powers exercised or directed by Congress or by one of its two houses, or by a duly authorized committee of Congress or either chamber.

(1) Exceptions permitted by federal law. National banks are subject to the supervisory powers provided for by federal law. Examples of statutes that confer visiting powers on other government agencies include laws that empower state or other federal officials: (c) Exceptions to the general rule. Pursuant to 12 U.S.C. 484, the OCC`s exclusive visiting powers are subject to the following exceptions: (2) Exception for Courts. National banks are subject to the visiting powers conferred on the courts. This exception concerns the powers inherent in the judiciary. (1) According to 12 U.S.C. 484 only the OCC or an authorised representative of the OCC may exercise powers of visit vis-à-vis national banks.

State officials may not exercise visiting powers with respect to national banks, such as conducting audits, inspecting or requesting the production of national bank books or registers, or taking enforcement action, except to the extent permitted by federal law. However, the submission of bank records (with the exception of non-public OCC information pursuant to 12 CFR Part 4, Subsection C) may be required as part of normal legal process. (v) enforcement of the Fair Labor Standards Act (29 U.S.C. 211); and The page table of contents is only available when multiple sections are displayed. (iii) Review of Pay Slips for Purposes of Unemployment Benefits (26 U.S.C. 3305(c)); (iv) Enforce all applicable federal or state laws with respect to such activities, including through compliance investigations through the submission of non-public information by the Bank, except as otherwise provided in paragraphs (a), (b) and (c) of this section. (d) audit report. The audit report of an OCC auditor is intended solely for the supervision of the bank. The copy of the Bank`s report is the property of the OCC and is loaned to the Bank and its holding company only for their confidential use. The Bank`s directors should carefully review the report in accordance with their responsibilities to depositors and shareholders. The report may only be made available to others in accordance with the disclosure rules of 12 CFR Part 4. iii) the regulation and supervision of activities authorised or authorised under the Bundesbank Act; and (i) access to the list of shareholders, if the officer is authorized to impose taxes under governmental authority (12 U.S.C.

62; this section also authorizes inspection of the list of shareholders by shareholders and creditors of a national bank); (iv) Determining the Accuracy of Federal Income Tax Returns (26 U.S.C. 7602); 12 U.S.C. 1 ff., 25b, 29, 71, 71a, 92, 92a, 93, 93a, 95(b)(1), 371, 371d, 481, 484, 1462a, 1463, 1464, 1465, 1818, 1828, 3102(b), and 5412(b)(2)(B). (vi) Functional regulation of certain activities under the Gramm-Leach-Bliley Act, Pub. L. 106-102, 113 Stat. 1338 (12 November 1999). Use the navigation links in the gray bar at the top to view the table of contents to which this content belongs. (ii) review the Bank`s records at reasonable times and with reasonable notice to a Bank only to ensure compliance with applicable Crown unclaimed property laws or escheatment laws if there is reason to believe that the Bank has failed to comply with such laws (12 U.S.C.

484(b))); .