§ 6.2-1308. Supervision and regulation by Commission
Credit unions organized under the provisions of this chapter shall be subject to the supervision and regulation of the Commission. 1990, c. 373, § 6.1-225.3; 2010, c. 794.
§ 6.2-1309. Examinations
A. Each credit union shall be examined as often as the Commission deems that an examination is in the interest of its members, provided that an examination shall be conducted at least twice in every three-year period. The examiners shall be given free access to all books, papers, securities, and other sources of information in […]
§ 6.2-1310. Fees for examination, supervision, and regulation
In order to defray the costs of an examination pursuant to § 6.2-1309 and of supervision and regulation by the Commission, every credit union shall pay an annual fee, to be calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the total assets of various individual […]
§ 6.2-1311. Reports to Commission; penalty for failure to make reports
A. No later than March 31 of each year, each credit union shall report to the Commission regarding its condition as of the close of business on the preceding December 31. These reports shall be signed by the president or the chairman and the treasurer or secretary, or by the majority of the members of […]
§ 6.2-1312. Cease and desist orders; right to hearing
A. The Commission may issue and serve upon a credit union an order to cease and desist from one or more unsafe or unsound practices or violations if, in the opinion of the Commission, a credit union (i) is engaging or has engaged, or there is reasonable cause to believe is about to engage, in […]
§ 6.2-1313. Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver
A. If the Commission finds that (i) a credit union is in violation of a law or regulation applicable to it, (ii) a credit union is being operated in an unsafe or unsound manner, (iii) a credit union has failed to comply with a lawful order of the Commissioner, (iv) the reserve of the credit […]
§ 6.2-1314. Penalties for violation of orders of Commission
The Commission may impose a civil penalty not exceeding $10,000 upon any credit union or against any of its directors, officers, or employees for knowingly or willfully violating any lawful order of the Commission. 1976, c. 658, § 6.1-223.1; 1990, c. 373, § 6.1-225.9; 2010, c. 794.
§ 6.2-1315. Removal of director or officer; penalty for acting after removal
A. Whenever any director or officer of a credit union doing business in the Commonwealth violates any lawful order of the Commission or knowingly continues to violate any law relating to credit unions or knowingly continues an unsafe or unsound practice in conducting the business of a credit union, after the director or officer, and […]
§ 6.2-1316. Offenses; penalty
Any officer, director, employee, receiver, or agent of a credit union who willfully does any of the following is guilty of a Class 6 felony: 1. With the intent to deceive, falsifies any book of account, report, statement, record, or other document of a credit union, whether by alteration, false entry, omission, or otherwise; 2. […]
§ 6.2-1317. Supervisory merger or transfer of assets of insolvent or financially unstable credit union
A. If the Commission finds that (i) a state credit union is insolvent or financially unstable and (ii) its merger into another credit union is desirable for the protection of its members, and if the board of directors of both credit unions approves a plan of merging such state credit union into another state credit […]
§ 6.2-1318. Repealed
Repealed by Acts 2021, Sp. Sess. I, c. 143, cl. 2, effective July 1, 2021.
§ 6.2-1319. Involuntary dissolution
If the Commission determines that a credit union is violating any provisions of this chapter, it may, after a hearing or an opportunity for a hearing has been given to the credit union, direct that it discontinue the illegal methods or practices described in the order. If any credit union is insolvent, or has failed […]