Section 0180-19-.07 - EXAMINATION AND SUPERVISION OF SUBSIDIARIES(1) Whenever the Commissioner deems it necessary, the Commissioner may examine any subsidiary of a Tennessee-chartered bank.(2) In conducting activities authorized by this Chapter, unless otherwise provided by statute or regulation, applicable provisions of Title 45 and regulations promulgated thereunder pertaining to the operations of the parent bank shall apply to the operations of the bank's subsidiary.(3) If upon examination, the Department determines that the subsidiary is operating in violation of law, regulation or written condition, or in an unsafe or unsound manner or otherwise threatens the safety and soundness of the bank, the Department will direct the bank or subsidiary to take appropriate remedial action, which may include requiring the bank to divest or liquidate the subsidiary, or discontinue specified activities.Tenn. Comp. R. & Regs. 0180-19-.07
Original rule filed June 25, 1990; effective September 26, 1990. Repeal and new rule filed August 31, 1998; effective December 29, 1998.Authority: Public Chapter 168, "Acts of 1989"; Section 1; T.C.A. §§ 45-1-10;, 45-2-1601 and 45-2-1062.