State Legislative Issues
Your League worked with members of the state Senate and House of Delegates to draft the following bills for the 2022 Virginia General Assembly Session.
Legislative Initiatives
League-Driven Credit Union Bill Becomes Law; Other Laws Affecting Credit Unions to Become Effective July 1
Of the close to 100 General Assembly bills your League tracked during the 2023 General Assembly session, 26 of them have been signed into law by Gov. Glenn Youngkin. Included in those bills about to become law is the digital assets custody bill for credit unions.
These bills, which will become law on July 1, 2023, range from changes to the Virginia Consumer Protection Act and repealing the uninsured motorist fee to Judgment Liens and Guardian Ad Litem requests. Your League will be going over each bill and providing credit unions with information and guidance on how these may affect your operations.
Other State Legislative Priorities
Public Funds
Authorize credit unions to join other insured depositories in holding public deposits, creating greater competition in the marketplace, which will benefit taxpayers.
Field-of-Membership
Revise field-of-membership rules to reflect the technological, societal and marketplace realities of today. After almost 25 years, these rules — largely unchanged — are showing their age.
Bank Acquisition
Credit unions in states where such activity is permitted have found strategic benefits in acquiring bank assets. At present, Virginia law does not address this authority, meaning credit unions and banks cannot consider this important and mutually beneficial “merger and acquisition” option.
Digital Currency
Digital currency is increasingly being used and is becoming a prevalent form of payment among younger generations. Currently, Virginia law does not provide credit unions authority to provide digital currency to their members.
Virginia General Assembly
Learn more about the state legislature.
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