Examinations

Section 205 Section 205.30  Examinations Examination Reports a)         The following definitions apply to this Section. 1)         "Safety and soundness examination" means an examination that includes, but is not limited to, a determination of the financial condition of the licensee based on generally accepted accounting principles. 2)         "Banking authority of the United States, of this State or of any other state" means the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Office of the Comptroller of the Currency, National Credit Union Administration or any other supervisory agency of the United States, of this State or of any other state responsible for regulating financial institutions, including, but not limited to, banks, savings associations, saving banks, and credit unions. b)         For any licensee subject to a safety and soundness examination performed by a banking authority of the United States, of this State or of any other state, the Secretary may, at their discretion, accept the safety and soundness examination report of a banking authority of the United States, of this State or of any other state in lieu of a safety and soundness examination performed by the Department.