HAR §16-26-2. Definitions

As used in this chapter: "Affiliate" with respect to an existing or proposed financial institution or a financial institution holding company, means any company that controls the financial institution or the financial institution holding company and any other company that is under common control with the financial institution or the financial institution holding company. The following shall not be considered to be an affiliate: (1) Any company, other than a financial institution, that is a subsidiary of a financial institution; (2) Any company engaged solely in holding or leasing the premises of a financial institution; (3) Any company engaged solely in conducting a safe deposit business; (4) Any company engaged solely in holding obligations of the United States or its agencies or obligations fully guaranteed by the United States or its agencies as to principal and interest; and (5) Any company where control results from the exercise of rights arising out of a bona fide debt previously contracted, but only for the period of time specifically authorized under applicable state or federal law or regulation. 26-2 §16-26-2 "Commissioner" means the commissioner of financial institutions of this State. "Division" means the division of financial institutions of the department of commerce and consumer affairs of this State. "Examination" means the periodic on-site review and evaluation of the condition of a financial institution which is conducted in accordance with designated policies and procedures. "FDIC" means the Federal Deposit Insurance Corporation, which provides insurance on deposits to commercial banks, savings banks, savings and loan associations and depository financial services loan companies. The FDIC has primary federal supervisory authority over insured state banks that are not members of the federal reserve system and depository financial services loan companies. "FFIEC" means the Federal Financial Institutions Examination Council, the interagency body which prescribes uniform principles, standards, and reporting forms for the federal examination and supervision of insured depository institutions, bank holding companies, and savings and loan holding companies. The council has five member agencies: the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, and the National Credit Union Administration. "Hawaii financial institution" or "institution" means: (1) A corporation or credit union which holds a charter or license under chapter 412, HRS, or under prior Hawaii law, authorizing it to accept deposits, to make loans in excess of the rates permitted in chapter 478, HRS, or to engage in the business of a trust company; or (2) A resulting bank as defined in article 12 of chapter 412, HRS, and includes a corporation, mutual savings and loan association or credit union existing and chartered as a Hawaii financial institution or licensed to transact business in this State on July 1, 1993. A Hawaii financial institution may be a bank, resulting bank as defined in article 12 of chapter 412, HRS, savings bank, savings and loan association, depository financial services loan company, nondepository financial services loan company, trust company, credit union, or intra-Pacific bank. "Holding company" means any company which controls another company. "NCUA" means the National Credit Union Administration, the federal agency that charters, insures, and supervises federal credit unions. Through the National Credit Union Share Insurance Fund, the NCUA provides deposit 26-3 §16-26-2 insurance to federal credit unions and to many state-chartered credit unions, including all Hawaii-chartered credit unions. "Off-site monitoring" means the systematic method of tracking the financial condition of institutions between examinations by use of trends, ratios, and comparisons with peer group performance. "OTS" means the Office of Thrift Supervision, the federal regulatory agency for savings and loan associations and savings banks. "Subsidiary" means a corporation, joint venture, partnership, or other company that is controlled by another corporation. "Visitation" means an examination of an institution for a specific or limited purpose. [Eff 8/13/87; am and comp 1/27/01] (Auth: HRS §§412:2-107, 412:2-200) (Imp: HRS §§412:1-109, 412:2-200, 412:11-102, 412:12-108, 412:13-223)