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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 40. Credit Unions
11/21/2024

10VAC5-40-20. Schedule prescribing annual fees paid for examination, supervision, and regulation of state chartered credit unions.

Pursuant to the requirement of § 6.2-1310 of the Code of Virginia, state-chartered credit unions shall pay annual fees for their examination, supervision and regulation in accordance with the following schedule:

SCHEDULE

Total Assets

FEE

$25,000 or less

$4 per $1,000 but not less than $20

Over $25,000 through $100,000

$100 plus $1.75 per $1,000 for assets in excess of $25,000

Over $100,000 through $1,000,000

$231.25 plus $.75 per $1,000 for assets in excess of $100,000

Over $1,000,000 through $5,000,000

$906.25 plus $.60 per $1,000 for assets in excess of $1,000,000

Over $5,000,000 through $10,000,000

$3,306.25 plus $.30 per $1,000 for assets in excess of $5,000,000

Over $10,000,000

$4,806.25 plus $.20 per $1,000 of assets in excess of $10,000,000

(These fees are to be applied to even $1,000 units, with fractional parts of $1,000 dropped.)

The assessment shall be computed on the basis of the credit union's total assets as shown by its Report of Condition as of the close of business for the preceding year (December 31), as filed with the Bureau of Financial Institutions on or before the first day of February.

Statutory Authority

§§ 6.2-1303 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0402, eff. December 22, 1981; amended, January 1, 1991; Virginia Register Volume 28, Issue 1, eff. September 1, 2011.

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