The 15 advocates from the western part of Virginia held a very successful CU Day at the General Assembly on Jan. 16. Stops included the chairman of the House Commerce and Labor Committee, Del. Terry Kilgore, and the patron of one of our bills, Del. Greg Habeeb.
Along the way there were many good conversations. One example: a reunion of sorts with Member One’s Tim Rowe and Del. Chris Head. In his private life, Head is the owner of a Home Instead senior care franchise. He recently signed up his business with Member One. He said the credit union membership solved a big problem he and his staff had. Many of his employees need loans to tide them over to their next paycheck, but federal law made it impossible for the company to offer salary advances.
With Member One, Head’s employees can access short-term loans that they can repay over a six month period. The credit union is also offering financial education sessions to help employees better manage their money.
“I cannot express to you how much it means to our employees” to have access to those two programs, Head said. He also acknowledged that the credit union isn’t making money itself on the short-term loans. “Your almost giving free money. You guys are a great help. You’ve got two thumbs up from me.”
Sen. Ralph Smith listened closely as Freedom First CEO Paul Phillips detailed how his credit union has a new branch in a down and out area that was in the Senator’s district. Smith called it a “delightful investment.”
The credit union parity bills all were reported unanimously out of their respective Commerce and Labor committees earlier this week and are going through the process of the first readings on the floor of their respective chambers.