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The Advocate Blog

Credit Union Bills Headed to Governor's Desk

H.B. 1487, the Prize Linked Savings Accounts bill,  and H.B. 1629, our ATM bill, passed the state Senate by a vote of 38-to-0 late last week. That vote completes the legislative process for our credit union legislation during this session of the General Assembly. The bills now go to Gov. Terry McAuliffe... More

League President Rick Pillow Reports that Credit Union Bills Win House Approval

SB 737 (prize-linked savings promotions) and SB 875 (excludes ATMs from definition of a service center), our Credit Union Legislation, passed the House Monday on a 99-to-0 vote, and now these bills are ready for the Governor's signature.

In addition, Credit Union legislation HB 1487 (prize-linked... More

League Heralds Passage of Prize-Linked Savings Bill by Virginia House; Making Progress Through Senate

Our first credit union bill, HB1487 Prize Linked Savings Program, has passed the House of Delegates today on a 97-0 vote. It was the first bill on the House calendar today.

In addition, SB737, the Senate version of the Prize Linked Savings Program, has passed the Senate on first reading... More

Senate Committee Passes Prize-Linked Savings Bill

The Senate Commerce and Labor Committee passed our prize-linked savings bill (SB737) this afternoon. The bill was introduced by Sen. John Cosgrove.

The bill allows credit unions and other financial institutions to offer prize-linked savings accounts, giving members/customers the opportunity to win... More

General Assembly Convenes Jan. 14; 2 CU Bills on the Agenda

busy session awaits Virginia lawmakers when the 2015 General Assembly kicks off tomorrow. Credit unions will have two bills this session. One would allow credit unions and other financial institutions to offer prize-linked savings accounts and the other would exclude ATMs from the definition... More

NCUA's Metsger: Field-of-Membership Changes Could Help Credit Unions Grow

 NCUA Vice Chairman Rick Metsger believes federal credit unions could benefit from changes in regulations and in law to give them greater flexibility in defining their fields of membership.

“I’ve been concerned with field-of-membership issues for some time,” Metsger said, “and this is an... More

League to Host Jan. 7 Webinar to Discuss CU Day Events at General Assembly

Join us Jan. 7, from 10:30 a.m. until 11:15 a.m., for a League-hosted webinar covering the 2015 General Assembly and our chapter CU Day events at the Capitol. We'll provide an overview of the legislation being introduced on our behalf, as well as other legislation we'll be monitoring. Logistics for our... More

Sens. Warner, King Usher Regulatory Relief for Community Banks, Credit Unions Through Senate

The  U.S. Senate unanimously passed two provisions authored by Senators Mark Warner and Angus King (I-ME) to help relieve America’s small financial institutions, like community banks and credits unions, of regulatory burdens so that they are better able to serve their communities.

Currently, interest... More

Richmond Chapter Hosts Annual Legislative Breakfast

Eighty people at the Richmond Chapter’s legislative breakfast this morning heard keynote speaker Sen. John Watkins detail the state’s challenges in the near and long-term.

Watkins, who recently announced he is not running for re-election in 2015, chairs the Senate’s Commerce and Labor Committee,... More

CU Parity Bill Now Ready for President's Signature

 The U.S. Senate just passed the Credit Union Share Insurance Fund Parity Act, which would direct the National Credit Union Administration to extend share insurance coverage to trust accounts, such as Interest on Lawyer Trust Accounts (IOLTAS) and other similar accounts, opened and managed by credit... More

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