League Writes All State Lawmakers in Support of Key Bills
In a letter yesterday to every member of the General Assembly, your League outlined three priority pieces of legislation for credit unions.
Each year your League combs through the thousands of bills introduced in the Virginia General Assembly looking for potential impact on credit unions and their operations. It’s a critical component of our work on your behalf as we look to protect credit unions from harmful legislation and support measures that advance the credit union charter or provide new opportunities to serve members and our communities. Click here for the list of bills we’re monitoring.
The letter noted our support of the following measures:
HB1727 - Credit unions; virtual currency custody services – Del. Head
We strongly support this Legislation. This would allow credit unions to custody virtual currencies for their members, offering a safe and secure way of holding and accessing their assets. This legislation mirrors the authority given to banks last year and includes safeguards and controls credit unions must meet before offering such services, including risk assessments, insurance, and third-party due diligence.
We strongly support this Legislation. The Federal CDFI Fund has allowed for billions of dollars of community investments in low-income and underserved communities -- and the creation of a similar state program will provide Virginia CDFIs greater access to resources they can then deploy into CDFI-designated communities, boosting Virginia’s economy and aiding financially vulnerable families.
We worked with the patrons of these bills on amendments to remove the five-day timeline and penalties outlined in the original drafts. We support this legislation as now amended.
Note: The General Assembly's Crossover Day is Feb. 7. Both bodies have to complete their own legislation by midnight. Bills that have passed in a chamber will move to the other body for its consideration.
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