House Committee OKs CU Secondary Capital Bill

Our credit union bill (HB268) 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 House Commerce and Energy Committee today 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.

The bill moves on to consideration by the full House of Delegates. Its companion bill (SB326) is being considered by the full Senate after being passed unanimously by the Senate Commerce and Labor Committee.