6-128. Joint examinations; acceptance of federal regulatory and other authorized examinations
162 words·~1 min read·
/az/title-6/6-128A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The examination of a financial institution or enterprise may be made in coordination with any authorized federal examination or an examination by another state. The deputy director in the deputy director's discretion may accept the examination report or other information compiled or generated by a federal regulatory authority or by another state regulatory authority that has jurisdiction over the financial institution or enterprise in lieu of any examination authorized or required by the laws of this state.
Acceptance of the examination reports shall not be a waiver of the examination assessments provided by law, and reports so accepted are considered for all purposes as an official report of the department.
B. The deputy director may take any reasonable and lawful action to coordinate the examination of financial institutions or enterprises, including:
1. Negotiating and entering into cooperative agreements with an agency of another state or of the federal government.
2. Sharing information and reports with persons as prescribed by section 6-129.