REGULATING AGENCY: Virginia State Corporation Commission; Bureau of Financial Institutions
- Joe Face, Commissioner
- Website: scc.virginia.gov/pages/Bureau-of-Financial-Institutions
LEAGUE: Virginia Credit Union League
PRIVATE SHARE INSURANCE: No
STATS: (As of Q4 2021)
Total Number of Credit Unions: 108
- TOTAL # SCUs: 23
- TOTAL # FCUs: 85
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 21%
Total Assets: $230,803,599,417
- TOTAL $ SCU ASSETS: $12,701,755,886
- TOTAL $ FCU ASSETS: $218,101,843,531
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 6%
Total Members: 16,658,540
- TOTAL Members SCUs: 823,239
- TOTAL Members FCUs: 15,835,301
- SCU % OF TOTAL (SCUS/STATE TOAL): 5%
FUN FACT: The Pentagon building in Arlington is the largest office building in the world. Additionally, the Pentagon has nearly 68,000 miles of internal telephone lines.
CU Parity Measures Reach Final Legislative Step; On Their Way to Governor’s Desk and Becoming Law
Courtesy of Lewis Wood, Virginia Credit Union League
March 1, 2022 — As of today, our two credit union parity measures have won final approval in both houses of the General Assembly and await the governor’s signature.
Companion bills SB329 and HB209 will make the process easier for state-chartered credit unions to offer specific services, activities or practices authorized for federally chartered credit unions. The state Bureau of Financial Institutions retains its supervisory and regulatory authority over the state-chartered credit union’s ability to offer any new service, or pursue any new activity or practice, but once this measure is signed into law, state-chartered credit unions will benefit from a simplified approval process for such services or activities. Of note, this measure does not provide any sort of authority related to the expansion or modification of the state-chartered credit union’s core charter.
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