RICHMOND - Who's representing credit union members, bank, insurance, telephone and other utility customers in the state regulator's office? That's a question state legislators hope to be able to answer by the time they complete a two-year study launched June 29. The study, say legislators, could result in a new mission for the State Corporation Commission and a breaking up of its powerful and far-reaching authority over many of the state's industries. We have a State Corporation Commission that clearly is one of the most powerful organizations in the state of Virginia, said Sen. Kenneth Stolle (R-Virginia Beach). He is one of 10 legislators on the panel. The General Assembly ordered the study at the request of Sen. Thomas Norment Jr. (R-James City), a leader of an earlier successful effort to deregulate the electric utility industry. Another panel appointee is Delegate Eric Cantor (R-Henrico). The study will be conducted by a legislative subcommittee that includes representatives of regulated companies. There will be no consumer advocates on the subcommittee. At press time, no credit union representatives were chosen for the panel, even though the state's credit unions and banks are regulated by the Bureau of Financial Institutions, an arm of the SCC. The SCC was created an an independent body in the 1992 state constitution to counter the political influence of the state's railroad industry. Its mission have evolved and grown since then to include regulation of industries such as credit unions, banking and insurance, securities and investments, electric, gas and communication companies. So far, the State Corporation Commission has hired an Ohio-based consultant to hire its organization, structure and processes. The consultant is not evaluating the SCC's policies. Those are defined by the state constitution and legislative actions. -
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