Virginia

 BENEFITS OF THE VIRGINIA STATE CHARTER (View/download PDF)

REGULATING AGENCY: Virginia State Corporation Commission; Bureau of Financial Institutions

Virginia State Capitol

ACCREDITED: 2002

LEAGUE: Virginia Credit Union League

PRIVATE SHARE INSURANCE: No


2023 STATS 
  • Largest SCU: VIRGINIA CU $5.18B in assets
  • Largest FCU: NAVY FEDERAL CU $168.41B in assets
Third Quarter 2023 SCUs FCUs Total CUs % of SCUs/Total
Total Credit Unions 21 82 103 20.39%
Credit Union Members 848,078 18.32M 19.17M 4.42%
Credit Union Assets $13.09B $239.17B $252.27B 5.19%

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.


RECENT NEWS
How BayPort Credit Union is educating members about lending options
BayPort Credit Union in Newport News, Virginia, is giving members a new tool that shows them what loan products and rates they qualify for without negatively affecting their credit scores.
The $2.4 billion-asset credit union began exploring the “Get My Rate” solution in 2020 as part of its preexisting partnership with the credit score technology firm SavvyMoney in Dublin, California, which has been providing BayPort with its NCR Credit Score service for members since February 2020.

Using an external portal hosted by SavvyMoney but bearing BayPort branding, both external consumers and internal members are invited to input personal details such as their Social Security number and date of birth for a soft credit check as part of the prequalification process. Findings are then compared to the credit union’s underwriting criteria to give the applicant all eligible credit products and associated rates, both from BayPort and other competing institutions, for review before formally applying.

Click here to read the full story.


STORY ARCHIVE

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