6.2-1380 - (Effective October 1, 2010) Examinations; periodic reports; cooperative agreements; assessment of fees.
§ 6.2-1380. (Effective October 1, 2010) Examinations; periodic reports;cooperative agreements; assessment of fees.
A. The Commission may make such examinations of an out-of-state credit unionconducting business in the Commonwealth pursuant to § 6.2-1379 as theCommission may deem necessary to determine whether the credit union isoperating in compliance with the laws of the Commonwealth or to ensure thatany office or facility of the out-of-state credit union is being operated ina safe and sound manner. The provisions of § 6.2-1309 shall apply to suchexaminations.
B. The Commission shall require periodic reports from any out-of-state creditunion that so conducts business in the Commonwealth. Such reports shall befiled under oath with such frequency and in such scope and detail as may beappropriate for the purpose of assuring continuing compliance with theprovisions of this chapter.
C. The Commission may enter into cooperative agreements with appropriatestate credit union supervisors and federal credit union agencies for theexamination of any office or facility in the Commonwealth of an out-of-statecredit union, or any office or facility of a Virginia credit union in anyhost state, and may accept such supervisors' and agencies' reports ofexamination and reports of investigation in lieu of conducting its ownexaminations or investigations. The Commission may enter into joint actionswith other state credit union supervisors and federal agencies havingconcurrent jurisdiction over any such out-of-state credit union or any branchof a Virginia credit union, or may take such actions independently to carryout its responsibilities under this article and to assure compliance with thelaws of the Commonwealth.
D. Out-of-state credit unions may be assessed and, if assessed, shall paysupervisory and examination fees in accordance with the laws of theCommonwealth and regulations of the Commission. Such fees may be shared withother state and federal regulators and agencies in accordance with agreementsbetween them and the Commission.
(1998, c. 23, § 6.1-225.61:1; 2010, c. 794.)