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League-Driven Credit Union Bill Introduced in General Assembly

Authored By: Lewis Wood on 1/10/2023

We have a bill number for our digital asset legislation! HB1727 would permit any credit union in the Commonwealth to engage in virtual currency custody services to the same extent as any bank. Banks won this authority last session. The bill would allow credit unions to secure private keys for their members’ digital assets in a manner similar to a safe deposit box, with the member retaining control of the asset and the credit union simply securing it.

“Member interest in digital assets and cryptocurrency has only grown in recent years and despite current headlines, experts expect that interest to continue to grow,” notes League Chief Advocacy Officer JT Blau. “This is a critical first step in aiding credit unions interested in offering custodial services for such assets to their members and brings parity to our state-chartered credit unions.”

Your League is ready for tomorrow’s start of the General Assembly session. We’ve been busy combing through hundreds of pre-filed bills looking for those that could impact credit unions and their operations. We’ve also hosted or attended more than two dozen meetings and fundraising events in the run-up to the start of the session. We also remain firmly focused on our other state-level legislative priorities, including municipal deposits. That issue, field-of-membership enhancements, and bank acquisition authority remain part of our state-level advocacy efforts.

Note: 150 credit union advocates have registered for Credit Union Day at the General Assembly! We look forward to seeing you in Richmond on Jan. 19! Stay tuned for additional details!

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