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

> District of Columbia · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.08

## Section

- **Citation:** D.C. Code § 26-1401.08
- **Heading:** Parity of powers of universal bank
- **Jurisdiction:** District of Columbia
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** DC Code / Title 26 / Chapter 14 / § 26-1401.08

## Text

(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.

## Nearby sections

- [D.C. Code § 26-1401.01 § 26-1401.01. Short title.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.01.md)
- [D.C. Code § 26-1401.02 § 26-1401.02. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.02.md)
- [D.C. Code § 26-1401.03 § 26-1401.03. Application to be certified as a universal bank; review and approval or disapproval of application.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.03.md)
- [D.C. Code § 26-1401.04 § 26-1401.04. Issuance of certificate of authority.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.04.md)
- [D.C. Code § 26-1401.05 § 26-1401.05. Revocation or subsequent limitation of certificate of authority.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.05.md)
- [D.C. Code § 26-1401.06 § 26-1401.06. Voluntary termination of certification.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.06.md)
- [D.C. Code § 26-1401.07 § 26-1401.07. Preexisting powers of universal banks.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.07.md)
- [D.C. Code § 26-1401.08 § 26-1401.08. Parity of powers of universal bank.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.08.md)
- [D.C. Code § 26-1401.09 § 26-1401.09. Specific powers of universal banks.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.09.md)
- [D.C. Code § 26-1401.10 § 26-1401.10. Necessary or convenient powers.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.10.md)
- [D.C. Code § 26-1401.11 § 26-1401.11. Reasonably related and incidental activities.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.11.md)
- [D.C. Code § 26-1401.12 § 26-1401.12. Limitations on loan power of universal banks.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.12.md)
- [D.C. Code § 26-1401.13 § 26-1401.13. Limitations on investment powers of universal bank.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.13.md)
- [D.C. Code § 26-1401.14 § 26-1401.14. Exceptions to limitations on investment powers of universal banks.](https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.14.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_DC_T26_C14_S26-1401.08. Check the current official text before relying on it. Not legal advice.