RICHMOND, Va. – A charter conversion bill that would allow state-chartered credit unions to convert to mutual savings banks in the same way federal charters can appears well on its way to passage.
The bill, which originally was crafted to allow banks to acquire credit unions and vice versa, was approved by the state Senate. The House already passed an identical bill. The two chambers must vote on the legislation one more time.
"We’re pleased with the final version of this legislation and we believe it represents a victory for the member-owners of Virginia's credit unions," Virginia CU League President Rick Pillow told Credit Union Journal. "We viewed the original version of this legislation as nothing less than an acquisition bill, designed to give for-profit banks the authority to buy up not-for-profit credit unions, without providing adequate protections for member-owners."
