RICHMOND, Va. - The Virginia Supreme Court is scheduled on Jan. 14 to hear the case involving the Virginia Bankers Association's appeal of a decision by the state commissioner of the Bureau of Financial Institutions to grant an application to DuPont Community CU to expand its community field-of-membership to five counties and five cities in the Shenandoah Valley. The Virginia Credit Union League said to the best of its knowledge, this is the first time the state Supreme Court has heard a case directly involving credit unions. The VBA appealed Commissioner Joe Face's decision to allow DuPont Community CU to expand its FOM in June 2002. The bankers claimed the FOM expansion didn't meet the definition of a well-defined, local community. In March 2003, the Virginia State Corporation Commission which oversees the BFI, ruled that the agency was within its authority to grant DuPont Community its charter change.

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.