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League Working With Lawmakers to Introduce Two Measures in 2013 General Assembly

With the General Assembly session just a month or so away (Jan. 9), we wanted  to bring you up to date on two pieces of legislation we plan to have introduced.

The first proposal 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 $15,000 or less.

The second  proposal 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 will be patroned  by Sen. Frank Wagner (Virginia Beach) and  Del. Jackson Miller (Manassas). The Small Estates Act bill will be patroned by  Sen. Bryce Reeves (Fredericksburg) and Del. Greg Habeeb (Salem).

League  President Rick Pillow notes that credit unions appreciate the willingness of  these four lawmakers to carry our bills in their respective chambers. If you  happen to be a constituent of one of these lawmakers, please pass on your thanks!

Tags: retained earnings, Small Estates Act, General Assembly 2013

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