SCC Denies Virginia Credit Union Membership Expansion To Include the Medical Society of Virginia
AUG 03, 2022
RICHMOND – The State Corporation Commission (SCC) has denied authorization for the Virginia Credit Union (VACU) to expand its field of membership to include the Medical Society of Virginia (MSV).
VACU had sought the SCC's approval to expand its field of membership to include MSV. The Virginia Bankers Association and seven banks opposed the requested expansion.
In its final order, the Commission said the Code of Virginia (§ 6.2-1328) provides a clear directive that: “When practicable and consistent with reasonable safety-and-soundness standards, the Commission shall encourage the formation of a separately chartered credit union instead of adding a new group to the field of membership of an existing credit union.”
After full proceedings, the Commission found that VACU did not meet its burden to show that the formation of a separate credit union by MSV is not practicable or is not consistent with reasonable safety-and-soundness standards.
Contact: Andy Farmer, 804-371-9141
Case Number BFI-2019-00049 – Virginia Bankers Association, et al. v. Virginia Credit Union, Inc., et al.
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