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.
The substitute bill, drafted by the league, now heads to the House while a similar bank-buy-CUs measure, written by the Virginia Bankers Association is slated for a possible hearing Monday.
Citing a vigorous e-mail and phone campaign to amend the VBA bill, Rick Pillow, president/CEO of the league, hailed the unanimous vote by the House Commerce and Labor Committee as vindication of the league stance of "protecting the rights of members" against predatory Virginia banks.
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