Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-221. Examinations and reports

(a) The department shall examine all associations at least once every two calendar years and may examine any association more frequently and at any time it deems such action necessary or desirable for protection of members or creditors. The examination shall include a review of the accounts, records and affairs of the association, its compliance with law and such other matters as the department may determine. For this purpose the department may examine a person which is performing services for an association.

(b) In the case of an association whose savings are insured by the Federal Savings and Loan Insurance Corporation the department may accept, in lieu of any examination required by this section and in lieu of any report required by the Department of Banking Code, examinations and reports made by examiners for the Federal Savings and Loan Insurance Corporation, the Federal Home Loan Bank Board, or a Federal Home Loan Bank.

(c) Except as modified by the provisions of this section, the provisions of the Department of Banking Code governing the examinations and reports shall continue to apply to associations.