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Home CU Parity Measures Reach Final Legislative Step; On Their Way to Governor's Desk and Becoming Law

CU Parity Measures Reach Final Legislative Step; On Their Way to Governor's Desk and Becoming Law

Authored By: Lewis Wood on 3/1/2022

As of today, our two credit union parity measures have won final approval in both houses of the General Assembly and await the governor’s signature.

Companion bills SB329 and HB209 will make the process easier for state-chartered credit unions to offer specific services, activities or practices authorized for federally chartered credit unions. The state Bureau of Financial Institutions retains its supervisory and regulatory authority over the state-chartered credit union’s ability to offer any new service, or pursue any new activity or practice, but once this measure is signed into law, state-chartered credit unions will benefit from a simplified approval process for such services or activities. Of note, this measure does not provide any sort of authority related to the expansion or modification of the state-chartered credit union’s core charter.

Companion bills HB268 and SB326 will fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not conflict with the Virginia Code.

Today, the two Senate bills were enrolled – the last legislative step before they reach the governor’s desk. The two House bills were enrolled yesterday.

“These parity measures represent an important win in our work to ensure a healthy dual chartering system,” said Virginia Credit Union League President/CEO Carrie Hunt. “We thank our credit unions – both state and federal charters – for joining with us to advocate for these bills. With only 23 state-chartered credit unions left in Virginia, it is crucial we ensure parity between the charters and provide credit unions the tools they need to best serve their members.”

Hunt last month testified before both the Senate Commerce and Labor Committee and a House Commerce and Energy subcommittee in support of our legislation, noting the importance of parity legislation that helps state-chartered credit unions remain on equal footing with federally chartered credit unions.

Write your state lawmakers today and thank them for supporting our two parity measures. And thank you for the role you played in lobbying for these measures!

Write your lawmakers here!

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