{"data":{"id":"us-dc/d.c.-code-26-1401.09","jurisdiction":"us-dc","citation":"D.C. Code § 26-1401.09","heading":"Specific powers of universal banks.","body":"(a)\nSubject to applicable laws, regulations, and any required approval of the Commissioner or other regulators, a universal bank may:\n(1)\nEstablish eligibility requirements and the types and terms of deposits that the universal bank may solicit and accept;\n(2)\nMake, sell, purchase, arrange, participate in, invest in, or otherwise deal in a loan or extension of credit for any purpose and invest in debt instruments or debt securities (“make a loan”), subject to § 26-1401.12;\n(3)\nAcquire an equity interest or other form of interest as security in a project funded through a loan made under paragraph (2) of this section, subject to § 26-1401.12;\n(4)\nAcquire an equity interest in a profit-participation project, including a project funded through a loan from the universal bank, subject to § 26-1401.13;\n(5)\nPurchase, sell, underwrite, and hold investment securities, consistent with safe and sound banking practices, subject to § 26-1401.13;\n(6)\nPurchase, sell, underwrite, and hold equity securities, consistent with safe and sound banking practices, subject to § 26-1401.13;\n(7)\nInvest in housing projects, as defined in § 26-1401.13, with the prior written approval of the Commissioner, subject to § 26-1401.13;\n(8)\nPurchase, sell, and invest in such other investments as the Commissioner, by regulation, may provide, consist with safe and sound practices, subject to § 26-1401.13;\n(9)\nBuy and sell securities as an agent or broker, subject to § 26-1401.15;\n(10)\nBuy and sell real estate and interests in real estate as an agent or broker;\n(11)\nManage real estate and other property;\n(12)\nSell annuities, subject to § 26-1401.15;\n(13)\nSell life insurance, accident insurance, health insurance, property insurance, casualty insurance, and any other form of insurance, subject to § 26-1401.15;\n(14)\nAct as a broker-dealer, securities agent, investment adviser, investment adviser representative, insurance agent, or insurance broker, if otherwise qualified, upon obtaining a license from the Department of Insurance and Securities Regulation [Department of Insurance, Securities, and Banking], subject to § 26-1401.15;\n(15)\nBuy and sell commodities as a principal, agent, or broker, with the prior written approval of the Commissioner, subject to § 26-1401.15;\n(16)\nUnderwrite and distribute annuities, subject to § 26-1401.15, with the prior written approval of the Commissioner and the appropriate federal financial institutions agency of the universal bank; provided, that the underwriting and distribution shall be conducted only through a non-depository financial institution affiliate of the universal bank unless federal law permits the underwriting and distribution to be conducted through a subsidiary of the financial institution;\n(17)\nUnderwrite and distribute life insurance, accident insurance, health insurance, property insurance, casualty insurance, and any other form of insurance, with the prior written approval of the Commissioner, subject to § 26-1401.15; provided, that the underwriting and distribution shall be conducted only through a non-depository financial institution affiliate of the universal bank unless federal law permits the underwriting and distribution to be conducted through a subsidiary of the financial institution;\n(18)\nUnderwrite, deal in, or make a market in securities, with the prior written approval of the Commissioner, subject to § 26-1401.15; provided, that the underwriting, dealing, market-making shall be conducted only through a subsidiary of the universal bank; and\n(19)\nDistribute shares in investment companies, with the prior written approval of the Commissioner, subject to § 26-1401.15; provided, that the distribution shall only be conducted through a subsidiary of the universal bank.\n\n(b)\nWith the approval of the Commissioner, a universal bank may securitize its assets for sale to the public. The Commissioner may establish procedures governing the exercise of authority granted under this subsection.","path":["Title 26. Banks and Other Financial Institutions.","Chapter 14. Universal Bank Certification.","Subchapter III. Powers and Authority of Universal Banks."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/26-1401.09","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"828005b7abcdce9959de7a2f5e293d769575ef28e333a883935046a104fce3de","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-1401.08","next":"us-dc/d.c.-code-26-1401.10"},"notice":"GroundRules: Original legal text. Not legal advice."}