State Legislative Priorities

Your League evaluates hundreds of bills introduced in each session of the Virginia General Assembly, looking for those with the potential to impact our credit unions and their operations. This is a critically important process given that even seemingly "minor" changes in the law can prove costly and add to credit unions' regulatory burden.  

There are also a number of issues your League has identified as legislative priorities. These include:

Taxes

Protect credit unions' tax status, allowing citizens to continue to receive the benefits provided by not-for-profit financial institutions in their communities.

Public Deposits

Authorize credit unions to join other insured depositories in holding public deposits, creating greater competition in the marketplace, benefiting taxpayers and localities.

Field-of-Membership

Revise state field-of-membership rules to reflect the technological, societal and marketplace realities of today.

Bank Acquisition

Allow Virginia’s credit unions and banks the option of mutually beneficial “mergers and acquisitions” preserving access to local community banking options in rural and underbanked communities.

Interchange

Prevent legislation exempting taxes collected by retailers and merchants from interchange fees.

Residential PACE Loans

Prohibit predatory Property Assessed Clean Energy (PACE) lending in the Commonwealth.

Questions?

To learn more, contact your League's CeJae Vtipilson