CU Parity Bill Passes House Subcommittee; Could Be Heard by Full Committee Next Week

Our parity powers legislation took an important step in the House of Delegates last night with a Commerce and Energy subcommittee's unanimous vote to report the bill to the full committee for its consideration.

HB209 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers. Currently, state-chartered credit unions must seek permission from the state Bureau of Financial Institutions to do this. This bill would change the process to a notice requirement, whereby a state-chartered credit union would notify BFI of its intention to engage in an activity, service, or other practice that is authorized for a federally chartered credit union. Provided BFI doesn’t deny or delay that new authority, the state-chartered credit union would be authorized to engage in that activity after a 45-day waiting period.

League President/CEO Carrie Hunt testified before the subcommittee, noting the importance of parity legislation that helps state-chartered credit unions remain on equal footing with federally chartered credit unions.

HB209 will likely be heard by the full Commerce and Energy Committee next week, either Feb. 8 or 10.

Companion bill, SB329, could be heard by the Senate Commerce and Labor Committee as early as Feb. 7.

We appreciate credit unions' support of this bill through our Grassroots Action Center, through which we've generated 277 email messages to state lawmakers. If you haven't yet reached out to your lawmakers, please do so today!