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CURRENT Newsletter | February 22, 2023

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CUs’ Virtual Currency Custody Services Bill Passes Legislature; Off to Gov. Youngkin for His Signature

The General Assembly has passed HB1727, credit unions’ virtual currency custody services bill, following a final unanimous vote in the House on Monday. The bill heads to the governor's desk for his signature, and if approved, it will become law.

"We appreciate the support our bill received through every stage of the legislative process," said League President/CEO Carrie Hunt. "I think passage of this measure is a testament to the effectiveness of our advocacy efforts prior to the start of the session and the good work of our credit unions on Credit Union Day. And while we celebrate passage of this measure, we also recognize other state-level issues that continue to be priority for credit unions and the League, including the authority to hold municipal deposits, enhancements for field-of-membership rules, and the authority for credit unions to acquire banks."

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CUs, League Set to Meet with Congressional Delegation as Part of Advocacy Efforts at GAC

As part of our advocacy initiatives at GAC, your League has scheduled meetings with the offices of every member of our Congressional delegation. We're especially pleased to add Sen. Mark Warner, who this week confirmed his attendance at our Feb. 27 reception. We've also recently confirmed a meeting with Sen. Tim Kaine.

"While our advocacy work requires continuous, year-round engagement with our lawmakers, GAC presents a unique opportunity for credit unions to showcase our industry's collective strength," notes League President/CEO Carrie Hunt. "This is our industry's largest and most significant gathering, offering us a platform to amplify our advocacy message and advance our legislative agenda. Our thanks to the many advocacy champions joining us in Washington to share their credit unions' stories and add their voices in support of a thriving, diverse and dynamic credit union industry."

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League Congratulates Congresswoman-Elect Jennifer McClellan on Historic Win

Unofficial results have state Sen. Jennifer McClellan winning a seat in the U.S. House of Representatives following Tuesday’s special election for the 4th Congressional District seat.

“Virginia’s credit unions congratulate Sen. McClellan,” said League President/CEO Carrie Hunt, “and we look forward to working with her in her new role as a member of Congress. We remain actively engaged with each member of our Congressional delegation on a host of federal issues that directly affect us and our members, including data privacy and security measures, interchange and overdraft services.”

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Hump Day: Are NCUA’s CAMELS Codes on the Rise?

While quarter-to-quarter changes may or may not indicate an overall trend regarding CAMELS codes, it's worth examining the change in the last three months. Chief Advocacy Officer JT Blau examines the amount of assets and shares at higher-risk credit unions.

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VACUPAC January 2023 Report

The Virginia Credit Union Political Action Committee (VACUPAC) last month raised $18,996.15 from 257 individuals. For comparison, we raised $757.63 from 121 individuals in January 2022.

Learn more about VACUPAC by contacting your League's CeJae Vtipilson.

Interested in Running in the Credit Union Cherry Blossom 10-Mile Run? We Can Help With a Race Entry Code

As a sponsor of the Credit Union Cherry Blossom race events, your League has a limited number of entry codes available for the 10-mile run. First-come, first-served for any of our member credit unions. The codes must be used by Feb. 28. Contact your League’s David Deacon at ddeacon@vacul.org.

News of Note

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