RICHMOND, Va. (8/28/15)--Virginia credit union leaders have racked up valuable face time with state and federal lawmakers over the past few weeks, providing them ample opportunity to stress the importance of addressing several key issues facing the movement.
Last week, credit union advocates from a number of credit unions and the Virginia Credit Union League met with U.S. Rep. Randy Forbes (R-Va.) to discuss issues ranging from economic development to regulatory relief to risk-based capital.
“Like you, I am concerned that these proposed requirements may have the potential to impact credit unions, their members and local communities,” Forbes said, referring to the National Credit Union Administration’s recent risk-based capital proposal. “When issuing new rules and regulations, it is imperative that the issuing agencies afford impacted industries sufficient clarification as to the rationale behind the proposed change…”
Credit union representatives also met with U.S. Rep. Don Beyer (D-Va.) earlier this month, when regulatory relief again was a main topic of discussion, along with data security.
The group meeting with Beyer asked for support on a bill that would require fairness in regulatory examinations. Currently, no consistency exists between examiners. They also asked for support on a bill that would give safe harbor from the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule.
Meanwhile, Virginia’s Piedmont Chapter of Credit Unions held its annual legislative event this month, hosting State Sens. Frank Ruff (R-Mecklenburg) and Bill Stanley (R-Franklin); Del. Charles Poindexter (R-Franklin County); and the staff of Sen. Tim Kaine (D-Va.), and U.S. Reps. Morgan Griffith (R-Va.) and Robert Hurt (R-Va.).
“Your service to the community is invaluable,” Poindexter said during the event. “Credit unions are always contributing to your communities.”
Added Stanley: “Thank you for the inspiration. I urge you to help us. If you have an idea, we want to hear it.”