Powers of Administrator With Respect to Supervised

Financial Organizations. COL070307 CH. 6 ADMINISTRATION

(1)With respect to supervised financial organizations, the powers of investigation (§ 6106) and administrative enforcement (§ 6108) shall be exercised by the official or agency to whose supervision the organization is subject. All other powers of the Administrator under this Title may be exercised by him with respect to a supervised financial organization.

(2)If the Administrator receives a complaint or other information concerning non-compliance with this Title by a supervised financial organization, he shall inform the official or agency having supervisory authority over the organization concerned. The Administrator may request information about supervised financial organizations from the officials or agencies supervising them.

(3)The Administrator and any official or agency of this Territory having supervisory authority over a supervised financial organization are authorized and directed to consult and assist one another in maintaining compliance with this Title. They may jointly pursue investigations, prosecute suits and take other official action, as may seem to them appropriate, if either of them is otherwise empowered to take the action.