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Your Political Action Efforts Pay Off

Because of the expected consideration of the League compromise, we have canceled the action alert on www.mycuisme.com for the bankers' bill. Thank you everyone for doing your part in getting us this far!

More than 1,100 Credit Union Activitists Sent a Message to State Lawmakers on the Bankers' Bill

As of Monday, 1,137 credit union members had contacted state lawmakers about H.B. 482 and S.B. 440, the companion bills filed on behalf of the Virginia Bankers Association that would make it easier for a stock-owned bank to acquire a credit union.

Those e-mails in conjunction with the visits on Credit Union Day last Thursday have succeeded. Legislators are paying attention to our lobbying team's argument that it is not good legislation to allow merger/acquisition between a credit union and a stock-owned bank. And late Monday the VBA sat down with credit union lobbyists, including League President Rick Pillow and Vice President David Miles, to review a compromise offered by the League.

That compromise would establish a path for state chartered credit unions to convert to mutual savings banks, just as there is a procedure now for federal charters to convert to mutual savings banks. The bankers now seem receptive to the compromise. The House Commerce and Labor Committee is scheduled to consider H.B. 482 on Thursday, and the League is hopeful that that consideration will center on the compromise.

Because of the expected consideration of the League compromise, we have canceled the action alert on www.mycuisme.com for the bankers' bill. Thank you everyone for doing your part in getting us this far!

-Shared by Andrew Reynolds, MDCU.

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