Credit Unions' Public Deposit Bill Fails to Advance in House Committee; Measure Dead 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 kills 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,” 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.”

“We thank each of you for your time, energy and resources this past year as we worked to win support for this legislation,” said Hunt. “We moved the needle in a more favorable direction on the public deposits issue.”

There’s more work to be done this session, Hunt notes, as we continue to monitor more than a dozen other bills of interest to credit unions. Our mission as your trusted advocate continues, and we remain committed to promoting, protecting and strengthening the Commonwealth’s credit unions!

Voting today in favor of our measure were: Dels. Jeion Ward (Committee Chair) (D-3), Alfonso Lopez (D-3) (bill patron), Michelle Maldonado (D-20), Dan Helmer (D-10), Irene Shin (D-8), Michael Jones (D-77), Michael Feggans (D-97), Jason Ballard (R-42) and Wren Williams (R-47).

Voting against our measure were: Charniele Herring (Majority Leader, Committee Vice Chair) (D-4), Rip Sullivan (D-6), Kelly Convirs-Fowler (D-96), Candi Mundon King (D-23), Destiny LaVere Bolling (D-80), Terry Kilgore (R-45), Danny Marshall (R-49), Israel O'Quinn (R-44), Mike Webert (R-61), Tony Wilt (R-34), Joe McNamara (R-40), Todd Gilbert (R-33) and Chris Runion (R-35).

In addition to our chief patron, Del. Alfonso Lopez, H.B. 1205 also garnered the support of three co-patrons: Dels. Nadarius Clark (D-84), Rozia Henson Jr. (D-19), and Marty Martinez (D-29). If you happen to reside in the district of any of the lawmakers who supported us, please pass on your appreciation.