Hundreds Gather in Richmond to Defeat Bank-Buying-CUs Bills
Rallying to defeat "anti-credit union" bills allowing banks to purchase CUs, the Virginia Credit Union League said today it expects a crowd of 350 to show up in Richmond to meet with lawmakers.
In e-mails sent to CUs this week regarding Credit Union Day, the league called pending bank-sponsored bills in the Virginia Senate and House harmful to the industry and anti-consumer in eliminating member voting rights should banks be permitted to merge CUs across the state.
As part of the league legislative campaign, a new Web site, mycreditunionisme.com, was launched to provide information on the bills and guidance to CU staffs in lobbying lawmakers. The website also includes assistance in discussing overdraft protection, interchange and support for raising business lending caps.
The league has repeatedly stressed the "critical" nature of the battle now under way with the Virginia Bankers Association, which claims its legislation is innocent and would also work in reverse-letting CUs buy small community banks.
The league claims far more study is needed before such far-reaching legislation is enacted arguing the issue is complex and the bills have faulty wording by failing to protect rights of CU members.