Home News CURRENT Newsletter | February 2, 2024

CURRENT Newsletter | February 2, 2024

Authored By: Lewis Wood on 2/2/2024

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Credit Unions' Public Deposit Bill Fails to Advance in House Committee; Measure Done for This Session

Credit unions’ public deposits bill – H.B. 1205 – failed to advance in the House Labor and Commerce Committee today on a 13-to-9 vote. The Committee vote defeats our bill for this session of the General Assembly.

“Although disappointed with today’s vote, we can take some comfort in knowing we did all we could this past year to ensure this long-sought and important legislation received a fair hearing in the General Assembly. It appears the final tally was the result of politicization of this issue- not policy,” said League President/CEO Carrie Hunt. “Unprecedented turnover in the General Assembly presented us with an opportunity and we seized it. The fight for this legislation enabled us to strengthen relationships with veteran lawmakers and build relationships with newly elected legislators that will pay dividends in the years to come.”

Governance Committee Seeks Candidates for 5 League Board Seats

The Governance Committee of the Virginia Credit Union League seeks your recommendations for candidates to be nominated for election to the Board of Directors. In 2024, five board seats will stand for election. Nominations must be received by the Governance Committee no later than March 1.

Sunset Dinner Cruise to Benefit VACUPAC on May 2; Registration Open, Sponsorship Opportunities Available

We'll host a sunset dinner cruise on May 2 in support of the Virginia Credit Union Political Action Committee (VACUPAC) and credit union advocacy! As an optional add-on to IGNITE | the League Annual Meeting, the dinner cruise will feature a buffet meal and open bar aboard a luxury yacht.

REGular Blog: When Do Credit Union Mergers Not Need Member Approval?

Credit unions acquiring banks has gotten a lot of headlines in the banking press world this year, with four bank asset acquisitions announced so far in 2024. However, another interesting merger story has played out behind the scenes a couple of times in recent weeks: NCUA approving mergers without a member vote.

EMERGE Certification Module Set for Feb. 15; Covers Employee Engagement, Inclusion

We'll examine the importance of fostering an inclusive mindset in the workplace and how that helps us grow as individuals and support others. An inclusive, engaged environment improves our ability to recruit and retain top talent; aids us in navigating conflict; and fosters innovative, high-performing, and highly productive organizations. Location: Richmond.

League, TRGroup Ask CUs to Complete Compensation, Salary Survey; Deadline Feb. 13

As part of our collaborative partnership within the TRGroup, the Virginia Credit Union League is inviting you to participate in our 2024 Compensation/Salary Survey. Setting competitive pay structures for your employees can be a challenge and involves careful consideration of many factors. In order to assist you in this task, TRGroup has partnered with the Cornerstone Credit Union League’s research department to gather information on salary and benefits. A report of the survey findings will be provided at no charge to all credit unions within the TRGroup footprint that participate in the survey.

In Other News …

Tags: HB 1205, public deposits, advocacy, EPN, Emerge Certification, education, TRGroup, Mergers, REGular Blog

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