HARRISBURG, Pa. (5/1/14)--The Pennsylvania State House Commerce Committee unanimously passed legislation that would modernize the state Credit Union Code, the Pennsylvania Credit Union Association (PCUA) reported Wednesday.
The Pennsylvania State House Commerce Committee this week unanimously passed House Bill 2009, which would modernize the state Credit Union Code. From left: Rick Wargo, Pennsylvania Credit Union Association executive vice president/general counsel; Rep. Lynda Schlegel Culver (R-Sunbury); Christina Mihalik, PCUA vice president, governmental affairs; and Rep. Chris Ross (R-Kennet Square). (Pennsylvania Credit Union Association photo)
HB 2009 now moves to the full house for consideration (Life is a Highway April 30).
"I think what distinguishes this bill is that it is indeed a stand-alone credit union bill," Michael Wishnow, PCUA senior vice president, told News Now. "We haven't had a stand-alone credit union bill in 10 years."
The PCUA took the lead drafting the legislation with the support of the Pennsylvania Department of Banking and Securities. Attending the hearing on behalf of the PCUA were Rick Wargo, executive vice president/general counsel; Christina Mihalik, vice president, governmental affairs; and Megan Strausbaugh, communications specialist.
Special guests included association State Credit Union Advisory Committee members Lonny Maurer, president/CEO of the $389 million-asset Belco Community CU; and Greg Smith, president/CEO, PSECU. Both credit unions are based in Harrisburg.
Representative Lynda Schlegel Culver (R-Sunbury), House Commerce Subcommittee chair on Financial Services and Banking and the primary sponsor of HB 2009, addressed the committee members with a precise explanation of the intended provisions of the bill. These provisions include:
"On behalf of the association, I commend Secretary of Banking and Securities Glenn Moyer, Representative Lynda Culver, and House Commerce Committee Chairmen Chris Ross and Curtis Thomas for their leadership on behalf of all state chartered credit unions," said Patrick Conway, PCUA president/CEO. "The association will be working closely with State House Leadership over the next few weeks as HB 2009 makes its way through the legislative process."