League Notes New Laws Coming July 2023

Of the close to 100 General Assembly bills your League has been tracking in the 2023 session, 26 of them (found below) have been signed into law by Governor Glenn Youngkin.

These bills, which will become law on July 1, 2023, range from changes to the Virginia Consumer Protection Act and repealing the uninsured motorist fee to Judgment Liens and Guardian Ad Litem requests. Your League will be going over each bill and providing credit unions with information and guidance on how these may affect your operations. 

We do want to highlight two bills the League supported that were passed and signed into law:

• HB1727 - Permits credit unions in Virginia who choose to do so to engage in virtual currency custody services for its members.  The law requires that any credit union that chooses to engage in this service must have adequate protocols in place to effectively manage the associated risks, comply with applicable laws, maintain adequate insurance coverage, and maintain a service provider oversight program.  It also allows credit unions to provide these services in a fiduciary or nonfiduciary capacity. If choosing to do so in a fiduciary capacity a credit union must obtain authorization from the State Corporation Commission.
• HB1422/SB1320 - Codifies the Virginia Community Development Financial Institutions Fund and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund.  The Virginia Department of Housing and Community Development will oversee the Fund and Program. The General Assembly is still working to finalize a state budget, but currently both the Senate and House versions of the budget contain roughly $5 million for the Virginia CDFI Fund.

We are excited to have these two pieces of legislation become law in July and believe that they will be beneficial to credit unions, your members, and communities. Your League would also like to thank everyone who attended Credit Union Day at the General Assembly in January. 

Your support of these bills and the stories you shared about the outstanding work your credit unions are doing for your members and communities across the Commonwealth played a large part in getting this legislation passed and signed into law.