League at Work as General Assembly Convenes; Credit Union Legislation Introduced
The League was on site today at the General Assembly Building and Capitol as the Virginia legislature convened for its 2024 session.
The League advocacy team is combing through the roughly 1,900 bills already introduced, with more to follow in the coming days. HB 1205, our legislation that would authorize state- and federally-chartered credit unions to hold public deposits, will likely be referred to the House Commerce and Labor Committee for consideration. Consideration by a standing committee is the first critical step in the legislative process. More than half the states already provide public deposits authority to their credit unions. Public entities - such as city and county governments and their various agencies - would be able to deposit public funds in a credit union should our credit union bill be passed and enacted.
"The 2024 session promises to be an eventful one for Virginia's credit unions," notes League President/CEO Carrie Hunt. "We'll be lobbying for passage of our public deposits legislation, working to support legislation favorable to credit unions, and looking to derail bills that would harm credit unions and their members. With a full agenda, including the two-year state budget, we can count on a busy session that will require our constant vigilance and engagement."
Your League has already identified bills of note for credit unions, including legislation covering elder financial abuse, foreclosures, and employee leave/time-off.
In preparation for next week's Credit Union Day at the General Assembly (Jan. 18), League staffers will be meeting with the lawmakers named today to the Senate and House commerce committees. We hope you'll join us next week in Richmond for CU Day ... there's still time to register!
Reminder: The League is hosting an informational webinar Jan. 11 to discuss CU Day logistics. Please join us!
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