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Virginia Supreme Court to Hear DuPont Community CU Charter Case in First-of-its-Kind Hearing

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...

By Staff Writer | Updated on January 20, 2004

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.

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