D.C. Code § 26-1401.08: Parity of powers of universal bank.

(a)

The Commissioner may authorize a universal bank to exercise a power that may be exercised by any other state bank, state or federally chartered savings bank, state or federally chartered savings and loan association, or federally charted national bank.

(b)

(1)

A universal bank shall file with the Commissioner a written request to exercise a power under subsection (a) of this section. Within 60 days after receiving a request under this subsection, the Commissioner shall approve the request if the Commissioner determines that:

(A)

The power requested by the universal bank may be exercised by a state bank, state or federally chartered savings bank, a state or federally chartered savings and loan association, or a federally charted national bank; and

(B)

The universal bank will exercise the power requested in a safe and sound manner.

(2)

The Department and the universal bank may agree to extend the 60-day period under paragraph (1) of this subsection for an additional 60 days.

(c)

A universal bank shall exercise a power authorized under this section only through a subsidiary of the universal bank, with the appropriate safeguards to limit the risk exposure of the universal bank and to protect the banking customers of the universal bank.