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DuPont Community FOM Case Court Date Scheduled

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....

By Staff Writer | Updated on January 06, 2004

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.

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