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2016 SESSION

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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.