RICHMOND, Va.–More than 130 credit union representative from across Virginia turned out at the state capitol to support legislation related to public deposits and to educate lawmakers on the “credit union difference.”
According to the Virginia Credit Union League, the state’s credit unions are lobbying for a measure to provide credit unions with the authority to hold public deposits (HB 1205). The 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,” the Virginia league stated.
‘A Vital Component’
“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. “While we can expect bankers' fierce opposition to our legislation to continue, grassroots efforts like Credit Union Day are a vital component in our efforts to keep our legislation - and other issues important to us - top-of-mind with lawmakers."
According to the league, the state’s CUs have been working to “lay 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,” the VCUL said.
Meetings With Three-Dozen Reps
During the day at the capitol, the league reported credit unions met with 35 members of the General Assembly, including House and Senate leadership and members of the key committees in each chamber that will consider the bill.
The league added credit unions also had the opportunity to meet with some of the new lawmakers elected to their seats last November - 18 state senators are new to their seats, as are 35 of the 100 delegates.
"We appreciate the tremendous support we received today from credit unions," said CeJae Vtipilson, league director of political affairs and state Advocacy. "With a record number of new lawmakers this session, it was especially important for us to demonstrate the grassroots strength of credit unions."
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