Ex-Bankers' Bill on Mutual Status Passes Virginia Senate
As expected, a bill, once crafted to permit Virginia banks to buy credit unions that has since been altered to a mutual conversion measure, has passed the state Senate, 39-0.
Under the altered language, state-chartered credit unions are now cleared to convert to mutual status if they so choose, under new wording written by the Virginia Credit Union League and agreed to by the Virginia Bankers Association.
Earlier the Virginia House had adopted a similar measure and now both identical versions must be formally approved by both chambers before the legislation goes to Gov. Bob McDonnell who is expected to sign it. The bill becomes effective July 1.