Credit Union Representatives Visit State Lawmakers In Support of Legislation

Credit union representatives from across the state visited the state Capitol Thursday in support of two measures being considered by the General Assembly. Credit unions met with key leaders, patrons and other lawmakers on two parity measures. Other credit unions contributed by contacting lawmakers in support of our legislation through the League's Grassroot's Action Center. Advocates are encouraged to continue sending messages to lawmakers.

"These in-person meetings are an invaluable advocacy tool, enabling us to not only offer our perspective on legislation but to also share how credit unions are serving their members and communities," said League President/CEO Carrie Hunt. "We are committed to a healthy dual-chartering system and we appreciate our credit unions' participation today in support of two measures designed to address parity-related issues for Virginia's state-chartered credit unions."

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. Of note, both bills have now passed their respective houses.

Companion bills HB209 and SB329 will make the process easier for the Commonwealth's state-chartered credit unions to exercise the same services or practices as federally chartered credit unions operating in Virginia. Currently, state-chartered credit unions must seek regulatory authority to do this. Both bills await a hearing in committee.

In other news, a subcommittee of the House Commerce and Energy Committee postponed until next session a measure that would have provided state-chartered credit unions new authority to add underserved areas to their fields-of-membership if the federal law were to change to allow all credit unions to add underserved areas to their fields of membership. The federal legislation is awaiting introduction.