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State Legislative Issues

Your League worked with members of the state Senate and House of Delegates to draft the following bills for the 2022 Virginia General Assembly Session.

Legislative Initiatives

HB 268 and SB 326 | Credit unions; priority of shares

Introduced by Del. Kathy Byron (22nd District) and Sen. John Bell (13th District)

These companion bills provide authority for state-chartered credit unions to issue debt to investors and use the proceeds to meet regulatory capital requirements, if permitted by regulators, allowing credit unions to deploy more funds for loans.

These bills passed both the House and Senate and await Governor Youngkin’s signature to go into law.

HB 209 and SB 329 | Credit unions; activity authorized for a federally chartered credit union

Introduced by Del. Mike Webert (18th District) and Sen. John Bell (13th District)

These companion bills ease state-chartered credit unions’ path to accessing and exercising the same powers as their federally chartered peers.

These bills passed both the House and Senate and await Governor Youngkin’s signature to go into law.

HB 1314 | Credit unions; expansion of field of membership to underserved areas

Introduced by Del. Jeion Ward (92nd District)

This bill addressed the Commonwealth’s “banking deserts” by allowing any type of state-chartered credit union to expand its field-of-membership to include individuals and organizations in one or more underserved areas.

This bill was continued to the 2023 General Assembly session by the House Commerce and Labor Subcommittee.

Other State Legislative Priorities

Public Funds

Authorize credit unions to join other insured depositories in holding public deposits, creating greater competition in the marketplace, which will benefit taxpayers.

Field-of-Membership

Revise field-of-membership rules to reflect the technological, societal and marketplace realities of today. After almost 25 years, these rules — largely unchanged — are showing their age.

Bank Acquisition

Credit unions in states where such activity is permitted have found strategic benefits in acquiring bank assets. At present, Virginia law does not address this authority, meaning credit unions and banks cannot consider this important and mutually beneficial “merger and acquisition” option.

Digital Currency

Digital currency is increasingly being used and is becoming a prevalent form of payment among younger generations. Currently, Virginia law does not provide credit unions authority to provide digital currency to their members.

Virginia General Assembly

Learn more about the state legislature.

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