CU 'Secondary Capital' Bill Passes Senate Committee

Our credit union bill (SB326) that would fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not be in conflict with the Virginia Code passed the Senate Commerce and Labor Committee yesterday without opposition. 

This fix will ensure that Low-Income or Complex credit unions otherwise qualifying to issue subordinate debt under NCUA guidelines will not be denied based upon the Virginia statute.

League President/CEO Carrie Hunt had the opportunity to briefly address the Committee prior to its vote on our bill.