                                 CODE OF VIRGINIA

EXAMINATIONS; PERIODIC REPORTS; COOPERATIVE AGREEMENTS; ASSESSMENT OF FEES (§
6.2-1380)

A. The Commission may make such examinations of an out-of-state credit union
conducting business in the Commonwealth pursuant to &#xA7; 6.2-1379 as the
Commission may deem necessary to determine whether the credit union is operating
in compliance with the laws of the Commonwealth or to ensure that any office or
facility of the out-of-state credit union is being operated in a safe and sound
manner. The provisions of &#xA7; 6.2-1309 shall apply to such examinations.

B. The Commission shall require periodic reports from any out-of-state credit
union that so conducts business in the Commonwealth. Such reports shall be filed
under oath with such frequency and in such scope and detail as may be
appropriate for the purpose of assuring continuing compliance with the
provisions of this chapter.

C. The Commission may enter into cooperative agreements with appropriate state
credit union supervisors and federal credit union agencies for the examination
of any office or facility in the Commonwealth of an out-of-state credit union,
or any office or facility of a Virginia credit union in any host state, and may
accept such supervisors&#8217; and agencies&#8217; reports of examination and
reports of investigation in lieu of conducting its own examinations or
investigations. The Commission may enter into joint actions with other state
credit union supervisors and federal agencies having concurrent jurisdiction
over any such out-of-state credit union or any branch of a Virginia credit
union, or may take such actions independently to carry out its responsibilities
under this article and to assure compliance with the laws of the Commonwealth.

D. Out-of-state credit unions may be assessed and, if assessed, shall pay
supervisory and examination fees in accordance with the laws of the Commonwealth
and regulations of the Commission. Such fees may be shared with other state and
federal regulators and agencies in accordance with agreements between them and
the Commission.

HISTORY: 1998, c. 23, § 6.1-225.61:1; 2010, c. 794.