WVC 31 C-
CHAPTER 31C. CREDIT UNIONS.
WVC 31 C- 8 -
ARTICLE 8. OTHER MEMBER SERVICES.
WVC 31 C- 8 - 1
§31C-8-1. Insurance for members.
A credit union may purchase or make available credit life or
other credit insurance for its members either on an individual or
WVC 31 C- 8 - 2
§31C-8-2. Indemnification of officers.
A credit union may indemnify its officers, directors or
employees by purchase of insurance or otherwise, to the extent that
such indemnification is permitted to that institution under federal
law. Indemnification articles or bylaws must conform to, or be
more restrictive than, that set forth in section nine, article one,
chapter thirty-one of this code. The commissioner reserves the
right to prohibit or limit, by regulation or order, any
indemnification payment for reasons of safety and soundness or
nonconformity to the credit union's articles of incorporation or
bylaws or to the restrictions placed on indemnification contained
in this section or other applicable state law.
WVC 31 C- 8 - 3
§31C-8-3. Group purchasing.
A credit union may enter into marketing arrangements and joint
ventures with other credit unions, organizations or financial
institutions to facilitate its members' voluntary purchase of
goods, insurance and other services from third parties, consistent
with the purposes of the credit union. A credit union may be
compensated for services so provided.
WVC 31 C- 8 - 4
§31C-8-4. Money-type instruments.
A credit union may collect, receive and disburse moneys in
connection with the providing of negotiable checks, money orders,
travelers' checks and other money-type instruments, and the
providing of these services through automated teller machines
(ATMs) and for such other purposes as may provide benefit or
convenience to its members. A credit union may charge fees for
WVC 31 C- 8 - 5
§31C-8-5. Retirement accounts and trust authority.
A credit union may provide pension savings programs and
deferred income accounts, including individual retirement accounts.
In order to carry out its authority under this section, a credit
(a) Contract for the provision of trust services to its
members with a trust company or other organization with trust
powers authorized to do business in this state. For this purpose,
the trust company or other organization with trust powers may serve
credit union members at credit union facilities on a full-time or
part-time basis; and
(b) Act as trustees of member funds permitted by federal law
to be deposited in a credit union in the form of share deposits
either as a deferred compensation or tax-deferral device, provided
the credit union obtains the prior approval to conduct such
activity from the board of banking and financial institutions upon
hearing and written order.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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