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2013 SESSION

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SB 769 Credit unions; limit on authorized investments in certain property, retained earnings.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Credit unions; retained earnings. Increases the maximum amount of a credit union's funds that may be invested in its real estate, office buildings, equipment, and furnishings, without the prior written authorization of the Commissioner of Financial Institutions. The measure sets the maximum amount of such investments at five percent of the total of members' share accounts and retained earnings. Currently, the cap is five percent of only such share accounts. Finally, the measure defines "retained earnings" as undivided earnings, regular reserve, reserve for contingencies, supplemental reserves, reserves for losses, and other appropriations from undivided earnings as designated by management or the Bureau of Financial Institutions. This bill is identical to HB 1686.


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