Contact Your State Lawmakers in Support of CU Legislation

Calling All Credit Union Supporters!

Contact Your State Lawmakers on Jan. 27! Help Us Lobby for Credit Union Measures Being Debated at the Virginia General Assembly!

We are hosting "Credit Union Day at the General Assembly" on Jan. 27. COVID has limited the number of in-person participants so your emails to state lawmakers are critically important in reinforcing our message and bolstering our lobbying efforts.

Contact your lawmakers through our user-friendly Grassroots Action Center located here: https://www.vacul.org/action-center.

Our Legislation

Parity Powers Process

Companion bills HB209 and SB329 will make the process easier for the Commonwealth's state-chartered credit unions to exercise the same powers as federally chartered credit unions operating in Virginia. Currently, state-chartered credit unions must seek permission to do this.

We ask that this process be simplified by requiring a state-chartered credit union to notify our state regulator of its intention to engage in an activity open to their federally chartered peers.

Ensuring state-chartered credit unions remain on equal footing with their federally chartered peers is important to ensuring a diverse and healthy credit union industry.

Secondary Capital / Subordinated Debt

Companion bills HB268 and SB326 will fix the Virginia statute so that the National Credit Union Administration's (NCUA) Subordinated Debt Rule will not conflict with the Virginia Code.

NCUA -- credit unions' federal regulator -- permits eligible credit unions to issue secondary capital in the form of subordinated debt. Secondary capital is an increasingly important tool for credit unions seeking to manage their balance sheets and boost lending.

This important technical fix will ensure the Commonwealth's state-chartered credit unions are able to issue subordinated debt and remain on an equal regulatory footing with their federally chartered peers.