WAYNESBORO, Va. – The DuPont Community Credit Union field-of-membership case involving the Virginia Bankers Association's appeal of a decision by the commissioner of the state Bureau of Financial Institutions to approve FOM expansion request by the credit union has been scheduled before the State Supreme Court for Jan. 14, 2004. In June 2002, the VBA appealed Commissioner Joe Face's decision he made the previous month to allow DuPont CCU to expand its community FOM to five counties and five cities in the Shenandoah Valley. The VBA's appeal centered on the issue of whether the credit union's charter was too large to qualify as a "well-defined local community, neighborhood, or rural district" as stipulated by Virginia law. The Virginia League, which filed its own brief in the case as did Commissioner Face and DuPont CCU, argued that the VBA lacked standing to bring the complaint. League President/CEO Rick Pillow said the Bureau "is well within its authority to grant new community charters or expand existing ones," and he described the case as being "a critical issue" concerning parity between federal and state-chartered CUs.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.