The Virginia Credit Union League said it is now working on a compromise bill in the state legislature dealing with CU-to-mutual conversions that will address elements of proposed bank-sponsored legislation to allow Virginia banks to purchase state credit unions and vice versa.
A league spokesman said new wording being sought by the league would simply "ease the path" for state-chartered CUs to convert to a mutual status, an area currently not covered in Virginia law.
Original bills introduced last month by the Virginia Bankers Association, and opposed as unworkable and a threat to member's rights' by the league, would allow banks to purchase non-stock CUs and in reverse let CUs buy small community banks.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
