On a 15-0 vote of the Virginia Senate Commerce and Labor Committee, the now recast bankers' bill enabling state chartered credit unions to convert to mutual status cleared another hurdle this week as it appears headed for passage.
In its original form, opposed by the Virginia Credit Union League, the bill would have allowed banks to buy and merge credit unions.
The compromise measure, worked out in meetings between the Virginia League and the Virginia Bankers Association, was adopted late Monday as lawmakers hurried home to avoid another winter blast and record snowfalls.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.
