In the past, two phrases have been the subject of much evidence and legal argument in proceedings before the Virginia State Corporation Commission (SCC). The two phrases are public need and public convenience and necessity. Application of these two phrases has controlled the formation of new financial institutions and the expansion of existing ones. In 1976, the Virginia General Assembly eliminated in part these two phrases and in their place substituted a single phrase- public interest
David Parcell & Richard D. Rogers,
The "Public Interest" and Bank and Savings and Loan Expansion in Virginia,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol11/iss3/7