BREAKING NEWS: Parity Measure Passes State Senate; On Fast Track to Passage in House

Our parity powers legislation has passed the state Senate on a unanimous vote and is nearing passage in the House.

Companion bills SB329 and HB209 will make the process easier for state-chartered credit unions to exercise the same powers as their federally chartered peers.

Another parity introduced this session (companion bills HB268 and SB326) will fix the Virginia statute so that the NCUA’s Subordinated Debt Rule will not conflict with the Virginia Code. Those bills passed their respective houses early in the session.

League President/CEO Carrie Hunt recently testified before both the Senate Commerce and Labor Committee and a House Commerce and Energy subcommittee in support of our legislation, noting the importance of parity legislation that helps state-chartered credit unions remain on equal footing with federally chartered credit unions.

“With only 23 state-chartered credit unions left in Virginia, it is crucial that we do what we can to support a healthy dual chartering system. Both federally chartered and state-chartered credit unions deserve as many tools as possible in the toolbox to best serve their members," notes League President/CEO Carrie Hunt.