For the time being, credit union concerns in Virginia and elsewhere over companion bills in the state Senate and House enabling banks to buy and merge credit unions have eased following committee action leading to likely passage.
The legislative scrap brewing in Virginia over bills to permit banks to buy credit unions was capturing national attention this month from both industries, regulators and the media.
In a victory for the Virginia Credit Union League, a House panel voted 20-0 Thursday to pare down a banker-backed bill allowing banks to buy credit unions into a measure enabling state CUs to convert to mutual charter.
Virginia bankers appear ready to introduce a bill in this year's session enabling banks to buy credit unions and vice versa.
Over the Christmas holidays, the Virginia Credit Union League gave its members a gift from Santa: a $300,000 dues rebate.