{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1328.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1328.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1328.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1328.html"}],"law_id":76040,"edition_id":1,"section_id":76040,"structure_id":15575,"section_number":"6.2-1328","catch_line":"Expansion of field of membership","history":"1999, c. 63, \u00a7 6.1-225.23:1; 2010, c. 794.","full_text":"When practicable and consistent with reasonable safety-and-soundness standards, the Commission shall encourage the formation of a separately chartered credit union instead of adding a new group to the field of membership of an existing credit union. If the Commission finds that the formation of a separate credit union by a group desiring such services is not practicable, or is not consistent with reasonable safety-and-soundness standards, it may authorize the group to be included in the field of membership of a state credit union that is located within reasonable proximity, if the Commission finds, based on the information it compiles, that the credit union proposed to be expanded:\n\n1\n\nIs adequately capitalized and will continue to have insurance on its members’ shares and other accounts;2\n\nHas not engaged in any materially unsafe or unsound practice in the year preceding its application to expand; and3\n\nHas the management, administrative and financial resources to serve the additional group effectively. The Commission shall not authorize the proposed inclusion of a new group unless it finds that any potential harm to another insured credit union or its members which would likely result from the proposed expansion is clearly outweighed in the public interest by the probable beneficial effects of the proposed expansion in meeting the convenience and needs of the members of the group proposed to be included.","order_by":null,"text":{"0":{"id":272939,"text":"When practicable and consistent with reasonable safety-and-soundness standards, the Commission shall encourage the formation of a separately chartered credit union instead of adding a new group to the field of membership of an existing credit union. If the Commission finds that the formation of a separate credit union by a group desiring such services is not practicable, or is not consistent with reasonable safety-and-soundness standards, it may authorize the group to be included in the field of membership of a state credit union that is located within reasonable proximity, if the Commission finds, based on the information it compiles, that the credit union proposed to be expanded:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":272940,"text":"Is adequately capitalized and will continue to have insurance on its members’ shares and other accounts;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":272941,"text":"Has not engaged in any materially unsafe or unsound practice in the year preceding its application to expand; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":272942,"text":"Has the management, administrative and financial resources to serve the additional group effectively. The Commission shall not authorize the proposed inclusion of a new group unless it finds that any potential harm to another insured credit union or its members which would likely result from the proposed expansion is clearly outweighed in the public interest by the probable beneficial effects of the proposed expansion in meeting the convenience and needs of the members of the group proposed to be included.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":15575,"edition_id":1,"name":"Membership","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13635,"metadata":{},"date_created":"2026-06-26 03:56:27","date_modified":"2026-06-26 03:56:27","permalink":{"id":264685,"object_type":"structure","relational_id":15575,"identifier":"4","token":"6.2\/II\/13\/4","url":"\/6.2\/II\/13\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13635,"edition_id":1,"name":"Credit Unions","identifier":"13","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:26","date_modified":"2026-06-26 03:45:26","permalink":{"id":264545,"object_type":"structure","relational_id":13635,"identifier":"13","token":"6.2\/II\/13","url":"\/6.2\/II\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":59413,"structure_id":15575,"section_number":"6.2-1327","catch_line":"Membership defined; field of membership","url":"\/6.2-1327\/","token":"6.2\/II\/13\/4\/6.2-1327","metadata":false},{"id":76040,"structure_id":15575,"section_number":"6.2-1328","catch_line":"Expansion of field of membership","url":"\/6.2-1328\/","token":"6.2\/II\/13\/4\/6.2-1328","metadata":false},{"id":63933,"structure_id":15575,"section_number":"6.2-1329","catch_line":"Membership meetings; voting","url":"\/6.2-1329\/","token":"6.2\/II\/13\/4\/6.2-1329","metadata":false},{"id":72910,"structure_id":15575,"section_number":"6.2-1330","catch_line":"Special meetings","url":"\/6.2-1330\/","token":"6.2\/II\/13\/4\/6.2-1330","metadata":false}],"previous_section":{"id":59413,"structure_id":15575,"section_number":"6.2-1327","catch_line":"Membership defined; field of membership","url":"\/6.2-1327\/","token":"6.2\/II\/13\/4\/6.2-1327","metadata":false},"next_section":{"id":63933,"structure_id":15575,"section_number":"6.2-1329","catch_line":"Membership meetings; voting","url":"\/6.2-1329\/","token":"6.2\/II\/13\/4\/6.2-1329","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1328\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 63<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":[{"id":85919,"section_number":"6.2-1302","catch_line":"Powers","order_by":null,"url":"\/6.2-1302\/"}],"refers_to":false,"permalink":{"id":264691,"object_type":"law","relational_id":76040,"identifier":"6.2-1328","token":"6.2\/II\/13\/4\/6.2-1328","url":"\/6.2-1328\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1328\/","token":"6.2\/II\/13\/4\/6.2-1328","dublin_core":{"Title":"Expansion of field of membership","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1328","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

When practicable and consistent with reasonable safety-and-soundness standards, the Commission<\/span> shall encourage the formation of a separately chartered credit union<\/span> instead of adding a new group to the field of membership of an existing credit union<\/span>. If the Commission<\/span> finds that the formation of a separate credit union<\/span> by a group desiring such services is not practicable, or is not consistent with reasonable safety-and-soundness standards, it may authorize the group to be included in the field of membership of a state credit union<\/span> that is located within reasonable proximity, if the Commission<\/span> finds, based on the information it compiles, that the credit union<\/span> proposed to be expanded:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Is adequately capitalized and will continue to have insurance on its members<\/span>’ shares<\/span> and other accounts; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Has not engaged in any materially unsafe or unsound practice in the year preceding its application to expand; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Has the management, administrative and financial resources to serve the additional group effectively. The Commission<\/span> shall not authorize the proposed inclusion of a new group unless it finds that any potential harm to another insured credit union<\/span> or its members<\/span> which would likely result from the proposed expansion is clearly outweighed in the public interest by the probable beneficial effects of the proposed expansion in meeting the convenience and needs of the members<\/span> of the group proposed to be included. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXPANSION OF FIELD OF MEMBERSHIP (\u00a7 6.2-1328)\n\nWhen practicable and consistent with reasonable safety-and-soundness standards,\nthe Commission shall encourage the formation of a separately chartered credit\nunion instead of adding a new group to the field of membership of an existing\ncredit union. If the Commission finds that the formation of a separate credit\nunion by a group desiring such services is not practicable, or is not consistent\nwith reasonable safety-and-soundness standards, it may authorize the group to be\nincluded in the field of membership of a state credit union that is located\nwithin reasonable proximity, if the Commission finds, based on the information\nit compiles, that the credit union proposed to be expanded:\n\n1. Is adequately capitalized and will continue to have insurance on its\nmembers’ shares and other accounts;\n\n2. Has not engaged in any materially unsafe or unsound practice in the year\npreceding its application to expand; and\n\n3. Has the management, administrative and financial resources to serve the\nadditional group effectively. The Commission shall not authorize the proposed\ninclusion of a new group unless it finds that any potential harm to another\ninsured credit union or its members which would likely result from the proposed\nexpansion is clearly outweighed in the public interest by the probable\nbeneficial effects of the proposed expansion in meeting the convenience and\nneeds of the members of the group proposed to be included.\n\nHISTORY: 1999, c. 63, \u00a7 6.1-225.23:1; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}