State Codes and Statutes
Statutes > Virginia > Title-6-1 > Chapter-4-01 > 6-1-225-61-1§ 6.1-225.61:1. (Repealed effective October 1, 2010) Examinations; periodicreports; cooperative agreements; assessment of fees.
A. The Commission may make such examinations of an out-of-state credit unionconducting business in Virginia pursuant to § 6.1-225.61 as the Commissionmay deem necessary to determine whether the credit union is operating incompliance with the laws of this Commonwealth or to ensure that any office orfacility of the out-of-state credit union is being operated in a safe andsound manner. The provisions of § 6.1-225.4 shall apply to such examinations.
B. The Commission shall require periodic reports from any out-of-state creditunion that so conducts business in Virginia. Such reports shall be filedunder oath with such frequency and in such scope and detail as may beappropriate for the purpose of assuring continuing compliance with theprovisions of this chapter.
C. The Commission may enter into cooperative agreements with appropriatestate credit union supervisors and federal credit union agencies for theexamination of any office or facility in Virginia of an out-of-state creditunion, or any office or facility of a Virginia state credit union in any hoststate, and may accept such supervisors' and agencies' reports of examinationand reports of investigation in lieu of conducting its own examinations orinvestigations. The Commission may enter into joint actions with other statecredit union supervisors and federal agencies having concurrent jurisdictionover any such out-of-state credit union or any branch of a Virginia statecredit union, or may take such actions independently to carry out itsresponsibilities under this article and to assure compliance with the laws ofthis Commonwealth.
D. Out-of-state credit unions may be assessed and, if assessed, shall paysupervisory and examination fees in accordance with the laws of thisCommonwealth and regulations of the Commission. Such fees may be shared withother state and federal regulators and agencies in accordance with agreementsbetween them and the Commission.
(1998, c. 23.)
