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ACROSS SESSIONS
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2016 SESSION
SB 582 Credit unions; voluntary merger, merger application.
Introduced by: William M. Stanley, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Credit unions; voluntary mergers. Authorizes the State Corporation Commission (SCC), notwithstanding field of membership requirements, to approve a merger of two Virginia state-chartered credit unions if (i) at least one of the merging credit unions has fewer than 35,000 active members and (ii) neither of the merging credit unions has been a party to a merger pursuant to this exemption within the preceding 24 months. The field of membership of the surviving credit union may be composed of a combination of the fields of membership of the merging credit unions. This bill is identical to HB 874.
SUMMARY AS PASSED SENATE:
Credit unions; voluntary merger. Authorizes the State Corporation Commission (SCC), notwithstanding field of membership requirements, to approve a merger of credit unions if (i) at least one of the merging credit unions has fewer than 15,000 active members and (ii) neither of the merging credit unions has been a party to a merger pursuant to this exemption within the preceding 24 months. The field of membership of the surviving credit union may be composed of a combination of the fields of membership of the merging credit unions.
SUMMARY AS INTRODUCED:
Credit unions; voluntary merger. Provides that a credit union's ability to merge with another credit union is not affected by whether the credit unions serve a field of membership based on common bonds or on well-defined geographic areas.