§ 6.2-1379. Out-of-state credit unions
A. A credit union organized and doing business in another state may conduct business as a credit union in the Commonwealth with the approval of the Commission. The Commission shall grant such approval if it shall find that the out-of-state credit union: 1. Is a credit union duly organized under the laws of another state […]
§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees
A. The Commission may make such examinations of an out-of-state credit union conducting business in the Commonwealth pursuant to § 6.2-1379 as the Commission may deem necessary to determine whether the credit union is operating in compliance with the laws of the Commonwealth or to ensure that any office or facility of the out-of-state credit […]
§ 6.2-1377. Maintenance of regular reserves; special reserves
A. A credit union shall establish and maintain a regular reserve account in accordance with the applicable provisions of Part 702 of the National Credit Union Administration Rules and Regulations, 12 C.F.R. §§ 702.1 through 702.403. B. The Commission may increase or decrease the reserve requirement when in its opinion such an increase or decrease […]
§ 6.2-1378. Use of reserves
Losses may be charged to the reserve fund. Any sums recovered on items previously charged to it shall be credited to the reserve fund. No dividends shall be paid out of the reserve fund unless the fund, after such payment, exceeds the total amount required to be set aside in the regular reserve and special […]
§ 6.2-1374. Lines of credit
Notwithstanding the requirements of § 6.2-1354, the credit committee or a loan officer may approve an application for a line of credit. When a line of credit has been approved, advances may be made as requested without further loan application or approval if the aggregate outstanding balance on all advances does not exceed the limit […]
§ 6.2-1375. Cooperative loans
A credit union may originate loans to credit union members jointly with other credit unions, credit union organizations, or other financial institutions pursuant to written policies established by the board of directors. The policies shall include the limitation set forth in § 6.2-1372. A credit union that originates such a loan shall retain at least […]
§ 6.2-1376. Authorized investments
The funds of a credit union that are not used in loans to members may be invested only: 1. In loans to other insured credit unions to the extent permitted in the bylaws; 2. In shares, share accounts, or deposits of other insured credit unions to the extent authorized in its bylaws, but not to […]
§ 6.2-1369. Credit union need not inquire as to fiduciary funds used to purchase shares in fiduciary’s personal account
A. If any fiduciary or agent purchases shares in a credit union in his own name (i) with share drafts or other instruments drawn by him upon an account in his own name as fiduciary, (ii) with share drafts or other instruments drawn by him upon an account in the name of his principal, if […]
§ 6.2-1370. Purpose and condition of loans
A credit union may lend to its members for such purposes and upon such conditions as the bylaws may prescribe. The board of directors shall establish written policies with respect to granting loans and extending lines of credit, including the terms, conditions, and acceptable forms of security. Code 1950, § 6-207; 1956, c. 90; 1966, […]
§ 6.2-1371. Other charges
A. In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with making, closing, disbursing, extending, collecting, or renewing loans. B. In accordance with the bylaws, a credit union may assess charges to members for failure to meet in a timely manner their obligations to the credit […]