Credit unions; conversion to a state mutual savings institution. (HB482)

Introduced By

Del. Mark Sickles (D-Alexandria)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Credit unions and banks; mergers and consolidations. Authorizes a (i) state credit union to merge or consolidate with a bank and (ii) state bank to merge or consolidate with a federal or state credit union. Each of these mergers of consolidations is subject to the prior approval of the State Corporation Commission. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed; offered 01/13/10 10103603D
01/12/2010Referred to Committee on Commerce and Labor
02/04/2010Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/04/2010Committee substitute printed 10104528D-H1
02/09/2010Read first time
02/10/2010Read second time
02/10/2010Committee substitute agreed to 10104528D-H1
02/10/2010Engrossed by House - committee substitute HB482H1
02/11/2010Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/11/2010VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/11/2010Reconsideration of passage agreed to by House
02/11/2010Passed House BLOCK VOTE (99-Y 0-N)
02/11/2010VOTE: BLOCK VOTE PASSAGE #2 (99-Y 0-N) (see vote tally)
02/12/2010Constitutional reading dispensed
02/12/2010Referred to Committee on Commerce and Labor
02/16/2010Impact statement from SCC (HB482H1)
02/22/2010Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/25/2010Read third time
02/25/2010Passed Senate (40-Y 0-N) (see vote tally)
03/03/2010Enrolled
03/03/2010Bill text as passed House and Senate (HB482ER)
03/03/2010Signed by Speaker
03/04/2010Impact statement from SCC (HB482ER)
03/06/2010Signed by President
04/07/2010G Approved by Governor-Chapter 230 (effective 7/1/10)
04/07/2010G Acts of Assembly Chapter text (CHAP0230)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 2 minutes.

Comments

Daniel Morrisey writes:

A credit union is owned by its members. There are no separate stockholders that own the credit union. The reserves, undivided earnings and net income of the credit union is (or should be) used for the benefit of the members of the credit union. This capital or equity ownership of the credit union should not go to the stockholders of a for profit bank that acquires a credit union, which seems to be what will happen if this bill is passed as drafted.

M Quinlan writes:

Mr Sickles has obviously been purchased by the for profit banking industry. This does no favors for the members of credit unions and in fact exposes them to the excesses of conventional banks.

Daniel Morrisey writes:

There were signifcant changes to this bill prior to being passed in Committee. The bill that passed allows state chartered credit unions to conver to a mutual savings bank, with significant credit union member protections. This is identical to (or nearly identical to) that of federally chartered credit unions. The Virginia Credit Union League supports the changes.