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!