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
STATS: (As of Dec 2020)
- TOTAL # SCUs: 24
- TOTAL # FCUs: 89
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 21% of 113 VA CUs
- TOTAL $ SCU ASSETS: $11,364,665,915
- TOTAL $ FCU ASSETS: $192,142,479,765
- TOTAL ASSETS: $203,507,145,680
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 6%
FUN FACT: Bristol is legally two cities, but they share the same main street. One in Virginia and one in Tennessee each with its own government and city services.
Bipartisan Bill to Ease CU Member Expulsion Debuts in House
April 1, 2021 — House Financial Services Committee members have proposed legislation that would allow credit unions to more easily expel members who engage in abusive or illegal behavior.
Introduced by Tom Emmer, R-Minn., and Ed Perlmutter, D-Colo., the legislation would improve existing language in the Federal Credit Union Act related to member expulsion in order to protect credit unions, members and employees.
The legislation would allow an appeal that would provide due process for the accused member. Currently, federal credit unions are required to hold a special vote and obtain two-thirds of approval from all members in order to expel a member.
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