Section 20. Reserves of Virginia banks

Latest version.

The percentage of reserves to be maintained against deposits, as established in accordance with § 6.2-889 of the Code of Virginia, shall be: 0.0% against demand deposits, and 0.0% against time deposits.

This chapter shall not relieve any bank from complying with all applicable federal laws and with Regulation D, "Reserve Requirements of Depository Institutions," of the Board of Governors of the Federal Reserve System.

Historical Notes

Derived from VR225-01-0203, eff. July 1, 1981; amended, Volume 28, Issue 01, eff. September 1, 2011.

Statutory Authority

§§ 6.2-889 and 12.1-13 of the Code of Virginia.

                    
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