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Governor Signs Credit Union Bills

League President Rick Pillow reports that the House versions of our two parity bills - HB 1351 and HB 1686 – have been signed by Gov. Bob McDonnell. They will take effect in July.

We thank all the credit union advocates who helped with our General Assembly efforts this year. Your efforts helped ensure our legislation marched through both chambers without opposition.

The first proposal (HB 1351) simply fixes an oversight in recent updates to the small estates act and allows federally chartered credit unions to pay or deliver to successors funds in accounts with balances of $50,000 or less. The Small Estates Act bill was carried by Del. Greg Habeeb.

The second proposal (HB 1686) creates parity between state and federally chartered credit unions in regards to how the Bureau of Financial Institutions treats retained earnings for purposes of how much real estate a credit union may hold. The retained earnings bill was patroned Del. Jackson Miller (Manassas).

Tags: General Assembly, HB 1351, HB 1686

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