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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 40. Credit Unions
12/30/2024

10VAC5-40-5. Definitions.

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:

"Credit union service organization" or "CUSO" means a corporation, limited liability company, or limited partnership, the voting shares or ownership interest of which is primarily held, directly or indirectly, by one or more credit unions or organizations of credit unions.

"GAAP" means generally accepted accounting principles.

"Immediate family member" means a spouse or other family member living in the same household.

"Officials" means a credit union's directors or committee members.

"Reserves" means the total of undivided earnings, regular reserves, and any other type of funds held in reserve except allowances for loan losses.

"Senior management employee" means a credit union's chief executive officer (typically the president or treasurer/manager), any assistant chief executive officers (e.g., assistant president, vice president, or assistant treasurer/manager), and the chief financial officer (comptroller).

Statutory Authority

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

Historical Notes

Derived from Virginia Register Volume 24, Issue 22, eff. July 1, 2008.

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