LYNCHBURG, Va. – Virginia state-chartered credit unions are no longer required to make transfers to their Regular Reserve account, unless they're required to do so by Part 702, NCUA's Prompt Corrective Action Rule
Last month, the State Corporation Commission issued an order adopting a regulation that provides parity for state-chartered credit unions with federal CUs with regards to the required reserve transfers that they must make.
By adopting the regulation, the SCC concluded it "will equalize the powers of state credit unions and federal credit unions in relation to maintenance of reserves while adequate assurance of the solvency of state credit unions."
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