More Than 1,000 At Virginia CU Rally

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More than 1,000 credit union supporters turned out at the state capitol here for what was the largest credit union rally in Virginia's history.

"Our message to legislators was simple: Credit unions are structurally and philosophically different from for-profit financial institutions," said Virginia CU League President Rick Pillow. "We are proud to be owned and operated by everyday people for the benefit of everyday people. Even without a tax bill, we can still draw 1,000 people who want to ensure the legislative future of Virginia's credit unions."

The rally follows what has been an ongoing campaign by the Virginia Bankers Association (VBA) to tax credit unions, and concerns by the league that tax-related legislation will be introduced during the current General Assembly. A CU Defense Fund has been created to counter any tax legislation, and the rally was part of a number of related initiatives. The efforts paid off: In January, the VBA told legislators they would not push for a credit union tax bill.

Pillow said credit unions continue to work on strengthening relationships with state legislators, with events such as the rally reminding legislators "that we are a force to be reckoned with and that any legislation that negatively impacts credit unions only punishes Virginia's working families."

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