With Months of Prep Behind Us, CUs Ready for Busy General Assembly Session

With a year’s worth of preparation and planning behind us, credit unions are eager to see tomorrow’s start of the 2024 session of the Virginia General Assembly.

This promises to be a busy 60-day session that will include consideration of a measure to provide credit unions with the authority to hold public deposits. This authority would allow public entities – city and county governments and their various subdivisions, for example – to deposit public funds at local credit unions, providing greater choice, boosting competition, and benefitting taxpayers by providing better rates on deposits.

“More than half the states allow public entities to hold deposits at credit unions, so we believe it’s past time Virginia’s credit unions have this authority,” said League President/CEO Carrie Hunt. “We can expect fierce opposition from the bankers, but our member credit unions understand the importance of advancing the credit union charter and pursuing new authority and new opportunities for credit unions whenever possible.”

The League and credit unions have been laying the groundwork for this legislation for almost a year. In a series of meetings that involved League staff and credit unions, we’ve met with city and county officials, constitutional officers and lawmakers to better understand the service landscape for public entities and to drum up their support for public deposits legislation.

Your League published a white paper recently that laid out the arguments as to why public deposits authority represents good public policy and how such authority would benefit taxpayers and public entities. This legislation was a key topic of discussion in meetings with lawmakers and candidates for months, stretching back to our Legislative Receptions this past summer. In recent weeks, we’ve also hosted dozens of lawmakers and incoming lawmakers at Credit Union House, using the opportunity to tout the merits of our legislation.

Call to Action

• In support of our legislative efforts, your League is hosting Credit Union Day at the General Assembly on Jan. 18. Join us in Richmond to meet with lawmakers and showcase the “Credit Union Difference.” You can RSVP here.
• Join us Jan. 11 for an informational webinar on CU Day. We’ll cover logistics, legislation, and what you can expect on Jan. 18.
• We’ll ask you to contact lawmakers in support of our legislation. We’re waiting for lawmakers to be sworn-in, and final emails, office assignments and phone numbers to be announced.
• The League has a small room block (7 rooms remaining) for the night of Jan. 17 at the Richmond Marriot Hotel, a short walk to Credit Union House and the General Assembly Building. You may book your room HERE or by calling 804.643.3400 and identifying yourself with VACUL LOBBY DAY ROOM BLOCK. The discounted room rate is $189 plus fees, taxes and parking and the cut-off is Friday, Jan. 12.