Credit unions; voluntary merger, merger application. (SB582)

This is a transcript of the video clips in which this bill is discussed.

MR. PRESIDENT. THE SENATOR FROM BUCKINGHAM. THANK YOU, MR. PRESIDENT. DISREGARD, MR. PRESIDENT. I APOLOGIZE. THANK YOU, SENATOR. SENATOR STANLEY, ON SENATE BILL 582, WHEN WE LEFT OFF, WE WERE -- YOU MAD MADE A MOTION TO AGREE TO THE FLOOR AMENDMENT. DO YOU HAVE ANY FURTHER COMMENTS? THANK YOU, MR. PRESIDENT. CURRENTLY IN ITS POSTURE, I'M ASKING THAT THE FLOOR AMENDMENT BE AGREED TO. I TALKED ABOUT IT IN THE SENSE THAT WE'RE JUST TWEAKING THERE BILL, WHICH IS OTHERWISE THE SAME AS THE BILL IN THE HOUSE, TO GET BOTH THE CREDIT UNIONS AND THE BANKS TOGETHER TO MAKE A FINAL AGREEMENT OR THIS BY DOESN'T GO ANYWHERE. WHAT MY SEAT MATE, THE GENTLEMAN FROM HANOVER, HAD WAS THERE A GLITCH IN THE WORDING, AND JUST AS YOU MAY RECALL, MR. PRESIDENT, WHEN HE INTRODUCED ME THE FIRST TIME I WAS ON THE FLOOR OF THE SENATE AND HE CALLED MY LEGISLATIVE AID BRIAN O'CONNOR, HE CALLED MY BRIANNE, IT SEEMS HIS GRAMMATIC CAL STRUCTURE WAS AGAIN OUT OF WLAK. WE'RE NOW IN AGREEMENT, BUT NOT USING MICROPHONE, THAT THE BILL SAYS WHAT IT'S SUPPOSED TO SAY AND THERE WOULDN'T BE A FURS CHANGE REQUIRED. MR. PRESIDENT, I WOULD SAY I TOLD YOU SO. THEN I WOULD SAY, MR. PRESIDENT, THAT I MOVE THE PASSAGE OF THE FLOOR AMENDMENT. THANK YOU, SENATOR. THE SENATOR FROM STAFFORD. MR. PRESIDENT, SPEAKING TO THE AMENDMENT. THE SENATOR HAS THE FLOOR. MR. PRESIDENT, I'D ONLY POINT OUT TO THE BODY ON THAT THIS ISSUE WAS DISCUSSED IN COMMERCE AND LABOR PRETTY MUCH AT LENGTH AND WHILE THE SENATOR FROM FRANKLIN MAY BELIEVE THAT THE GENTLEMAN FROM HANOVER DIDN'T READ THE BILL CORRECTLY, I CAN TELL YOU THAT I'VE READ IT CORRECT. AND IT VASTLY BROADENS WHAT HE WANTED TO DOS IT A VIOLATES WHAT I WOULD SAY THE SPIRIT OF THE COMPROMISE WAS IN THE COMMITTEE ON THIS BILL. [ CAPTIONING WILL RESUME SHORTLY ] I THANK THE SENATOR. SENATOR FROM FRANKFORT. MR. PRESIDENT, IF I CAN, JUST FINALLY PUT A FINE POINT ON THIS, IN THE COMMITTEE WHICH I SERVE ON, AND CERTAINLY WE DON'T HAVE TO GO THROUGH CHAPTER AND VERSE, I WAS NOT GIVEN A CHANCE TO PUT THIS IN A DIFFERENT POSTURE THAN IN THE HOUSE OF DELEGATES, SO THAT WE WOULD AGREED TO WAS NOT EXACTLY NEGOTIATE, BECAUSE WHAT WAS AGREED TO BY BOTH SIDES, THE STAYING HOLDERS IN THIS PIECE OF LEGISLATION AND THEY NEED ONE MORE SITTING DOWN WHICH I WILL DO WHEN THIS GETS INTO THE CON FREANSD WE'RE EITHER GOING TO FIX THIS OR REST ASSURED, I PROMISE THE GENTLEMAN FROM STAR ORD -- STAFFORD, WHAT YOU WILL SEE IS A BILL THAT BOTH SIDES AGREE TO OR ARE HAPPY WITH OR I PROMISE THERE WON'T BE A BILL, WE WON'T BE DISCUSSING THIS. THIS NEEDS TO BE IN A DIFFERENT POSTURE FOR THE TIME BEING AND THAT'S WHY WE'RE MAKING THE AMENDMENT. ON TOP OF THAT, MR. PRESIDENT, THIS DOESN'T JUST VASTLY CHANGE THINGS BUT FEDERALLY CHARTERED CREDIT UNIONS CAN IN AN INSTANT BECOME A STATE CHARTERED CREDIT UNION BY FLIP BE THE CHARTER FROM FED TO A STATE, SO WHAT THIS DOES IS REMOVE WHAT IS OTHERWISE AN EXTRA STEP FOR THE TIME BEING. IT DOESN'T VASTLY EXPAND OR CREATE CREDIT UNIONS THAT ARE GOING TO SNEAK INTO VIRGINIA AND EAT UP OUR SMALLER CREDIT IT DOESN'T. UNIONS. IT REMOVES ONE BUREAUCRATIC STEP OF FEDERAL GOING TO A STATE CHARTER AND TWO, ALLOWS THIS BILL TO BE IN A DIFFERENT POSTURE SO WE CAN GET EVERYBODY IN COMMITTEE AND SIT DOWN AND GET INTO AGREEMENT OR NO AGREEMENT AT ALL. THE SENATOR FROM CHESAPEAKE, SENATOR COSGROVE.

Sen. John Cosgrove (R-Chesapeake): THANK YOU MR. PRESIDENT, WILL THE GENTLEMAN FROM FRANKLIN FIELD FOR A QUESTION?

[Unknown]: WILL THE SENATOR FROM FRANKLIN COUNTY YIELD FOR A QUESTION?

Sen. John Cosgrove (R-Chesapeake): YES, MR. PRESIDENT.

[Unknown]: HE YIELDS,. I APPRECIATE HIS ENTHUSIASM, MR. PRESIDENT! I WOULD ASK THE GENTLEMAN, WHEN WE HEARD THIS IN COMMITTEE YESTERDAY, THE WAY THE BILL CAME OUT OF COMMITTEE, THERE WERE BASICALLY ABOUT 25 CREDIT UNIONS WHO WOULD BE ABLE TO MERGE UNDER THE LANGUAGE OF THE SUBSTITUTE THAT CAME OUT OF THE COMMERCE AND LABOR COMMITTEE. WITH HIS SUBSTITUTE, OR FLOOR AMENDMENT, HOW MANY CREDIT UNIONS WOULD THEN BE ABLE TO MERGE UNDER HIS LANGUAGE? SENATOR FROM FRANK FLYNN. -- FROM FRANKLIN. WI ANSWER THE GENTLEMAN BY SAYING I DON'T HAVE AN EXACT AMOUNT. IT CERTAINLY WOULD INCREASE THE AMOUNT BECAUSE THERE ARE MORE CREDIT UNIONS THAT WOULD BE ELIGIBLE IN THE MERGER WITHOUT HAVING CHANGING FROM A FEDERAL TO A STATE CHARTER, HOWEVER, THE LIMITATION ALWAYS IS FOUND WITHIN THE BILL, THAT ANY MERGER THAT WOULD OCCUR OCCUR IN THE LIMITED CIRCUMSTANCES OF THAT THE SMALLER CHARTERED CREDIT UNION HAS TO BE OF A MEMBERSHIP OF 15,000 MEMBERS OR LESS, AND SUCH A MERGER CANNOT -- SUCH ANY SUBSEQUENT MERGERS OF ANY OTHER BANKS OR ANY OTHER CREDIT UNIONS CANNOT OCCUR FOR 24 MONTHS. SO IT'S THE VERY LIMITED AMOUNT. IT IS A LARGER, THE POOL WOULD INCREASE WITH MY AMENDMENT, BUT IT DOESN'T CAPTURE THE TOP EIGHT OR NINE OR 10 CREDIT UNIONS. SO THERE ARE STILL SOME CREDIT UNIONS THAT WOULDN'T BE ABLE TO TAKE ADVANTAGE OF THIS MERGER PROVISION BASED UPON WHAT MY AMENDMENT DOES, MR. PRESIDENT. I THANK THE SENATOR. I THANK THE GENTLEMAN. THE QUESTION IS, SHALL THE THANK YOU SENATOR. FLOOR AMENDMENT BE AGREED TO? AS MANY AS FAVOR THAT MOTION WILL SAY AYE, THOSE OPPOSED, NO. THE AYES HAVE IT. THE FLOOR AMENDMENT IS AGREED TO. KEEP THEM UP IF YOU WANT TO HOLD THEM UP. THERE WILL BE A RECORDED VOTE. ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY OF THE SENATORS DESIRE TO CHANGE THEIR VOTE? THE CLERK WILL CLOSE THE AYES 19, NOS 19. ROLL. AYES 19, NOS 19. THE CHAIR VOTES AYE. THE AMENDMENT IS AGREED TO. THE SENATOR FROM FRANKLIN. MR. PRESIDENT, I'D JUST LIKE TO BASK IN MY GLORY A LITTLE BIT! MR. PRESIDENT, I NOW MOVE WE ENGROSS THE BILL AND ADVANCE IT TO ITS THIRD READING. THE SENATOR FROM JAMES CITY COUNTY. MR. PRESIDENT, HAVING INADVERTENTLY VOTED ON THE PREVAILING SIDE, I RESPECTFULLY ASK THAT WE RECONSIDER THE VOTE.

Del. Bill Howell (R-Fredericksburg): THE QUESTION IS, SHALL THE VOTE BY WHICH THE COMMITTEE AMENDMENT WAS AGREED TO BE RECONSIDERED. ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY OF THE SENATORS DESIRE TO CHANGE THEIR VOTE? THE CLERK WILL CLOSE THE ROLL.

[Unknown]: AYES 39, NOS, ZERO. AYES 39, NOS, ZERO. THE MOTION IS AGREED TO. THE SENATOR FROM FRANKLIN. MR. PRESIDENT, I NOW MOVE THE FLOOR AMENDMENT, HAVING PREVIOUSLY EXPLAINED IT, I MOVE IT AGAIN. THE QUESTION IS, SHALL THE FLOOR AMENDMENT BE AGREED TO. AS MANY AS FAVOR THAT MOTION WILL SAY AYE, THOSE OPPOSED, NO. I THINK THE NOS HAVE IT THIS TIME!

Del. Bill Howell (R-Fredericksburg): SEEING AT LEAST EIGHT HANDS, THERE WILL BE A RECORDED VOTE. THE QUESTION IS, SHALL THE FLOOR AMENDMENT BE AGREED TO. ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY OF THE SENATORS DESIRE TO CHANGE THEIR VOTE? THE CLERK WILL CLOSE THE ROLL.

[Unknown]: AYES 23, NOS 16. AYES 23, NOS 16, THE AMENDMENT IS AGREED TO. THE SENATOR FROM FRANKLIN.

Del. Bill Howell (R-Fredericksburg): THANK YOU MR. PRESIDENT, I WANT TO THANK THE GENTLEMAN FROM JAMES CITY COUNTY FOR INCREASING MY LEGEND! I NOW MOVE THAT SENATE BILL 582 BE ENGROSSED AND ADVANCED TO THE THIRD READING. THE QUESTION IS SHALL THE BILL BE ENGROSSED AND READING, AS MANY AS FAVOR ADVANCED TO THE THIRD THAT MOTION WILL SAY AYE, THOSE OPPOSED, NO. THE AYES HAVE IT, THE BILL IS ENGROSSED AND ADVANCED TO THE THIRD READING. THE SENATOR FROM FRANKLIN.

[Unknown]: MR. PRESIDENT, I NOW MOVE THAT THE BILL PASS. YOU HAVE TO WAIVE THE READING. MR. PRESIDENT, I NOW MOVE WE DISPENSE WITH THE THIRD CONSTITUTIONAL READING. THE QUESTION IS SHALL THE RULES BE DISSENTED AND THE RULES BE DISPENSED. >> AS MANY AS FAVOR THAT MOTION WILL SAY AYE, THOSE OPPOSED, NO. ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO.? ARE THE SENATORS READY TO VOTE. HAVE ALL THE SENATORS VOTED. CHAPG CHIANG? -- DO ANY OF THE SENATORS DESIRE TO CHANGE THEIR VOTE.

Del. Bill Howell (R-Fredericksburg): THE CLERK WILL CLOSE THE ROLL.

[Unknown]: I AYES 39, NOS, ZERO. THE SENATOR FROM FRANKLIN. MR. PRESIDENT, I NOW MOVE THE BILL PASS AND SPEAKING TO THE MOTION, SIR? THE SENATOR HAS THE FLOOR. LADIES AND GENTLEMEN OF THE SENATE, SENATE BILL 582 IS A CREDIT UNION BILL. RIGHT NOW IT HAS TO DO WITH CHARTERS, BUT I FEEL LIKE I'VE BEEN TALKING ABOUT CHARTER SCHOOLS LIKE WE DID YESTERDAY. THIS IS A MERGER, A PURE MERGER BILL, IT PERMITS ADDITIONAL CATEGORY MERGERS. RIGHT NOW WE HAVE TWO CATEGORIES, THEY CAN ONLY MERGE IN EMERGENCIES AND THEY CAN ONLY MERGE IF THEY SHARE THE SAME MEMBERSHIP. THOSE ARE VERY RESTRICTIVE IN TERMS OF CAPABILITY OF MERGING. WHAT THIS BILL DOES AND AS AMENDED ALLOWS A THIRD PATH FOR UNIONS TO MERGE. IF ONE MEMBERSHIP HAS 15,000 OR LESS MEMBERSHIP. OKAY? SO -- AND THIS ALSO HAS THE OTHER PART WHICH I TALKED ABOUT, WHICH I DON'T THINK I NEED TO REPEAT. BASED ON THOSE REASONS I MOVE THE PASSAGE OF SENATE BILL THE SENATOR FROM RUSSELL, 582. SENATOR CHAFIN.

Sen. Ben Chafin (R-Lebanon): THANK YOU MR. PRESIDENT. I RISE IN OPPOSITION TO THE BILL.

[Unknown]: SPEAKING TO THE BILL?

Sen. Ben Chafin (R-Lebanon): THE SENATOR HAS THE FLOOR.

[Unknown]: I HAVE A LOT OF RESPECT FOR THE CREDIT UNIONS AND THEIR INDUSTRY, AND THE MISSION THAT THE CREDIT UNION INDUSTRY FIRST BEGAN TO SERVE. AND THE MISSION WAS TO SERVE MEMBERS WHO ARE RELATED TO A PARTICULAR CLASS. AND THAT CLASS OF PEOPLE WERE PEOPLE WHO WORK FOR A PARTICULAR INDUSTRY OR WHO LIVED IN A PARTICULAR COMMUNITY. AND THEY WERE THERE TO EXTEND CREDIT TO THOSE MEMBERS FOR IMPORTANT THINGS THAT THOSE MEMBERS NEEDED TO LEVERAGE IN ORDER TO GAIN THEIR CREDIT. BUYINGS REFRIGERATORS, BUYING A CAR. BUYING THINGS LIKE THAT. WELL, CREDIT UNIONS OF TODAY ARE NOT LIKE THAT ANYMORE, OKAY? THE CREDIT UNIONS OF TODAY COMPETE, SHOULDER TO SHOULDER, WITH COMMUNITY BANKS AND EVEN REGIONAL BANKS. YOU CAN'T TELL THE DIFFERENCE BETWEEN A BIG CREDIT UNION AND A BIG COMMUNITY BANK. THE ONLY REAL DIFFERENCE IS THEY DON'T PAY ANY TAXES. OKAY? THEY PAY NO STATE, NO FEDERAL TAXES. SO I THINK THAT IF CREDIT UNIONS WANT TO CONTINUE TO BE ABLE TO MERGE AND TO GET BIGGER AND TO GET BIGGER AND BIGGER, THEN THEY NEED TO BE LIKE THEIR BIG BROTHERS, THE BANKS, AND THOSE CREDIT UNIONS, FEDERAL OR STATE CHARTERED, THEY NEED TO PAY THERE'S NOTHING WRONG WITH TAXES. PAYING TAXES. WE ALL PAY TAXES. EVERY BUSINESS PAYS TAXES. BUT CREDIT UNIONS DO NOT. AND THEY RESIST THAT EFFORT TO BECOME BANKS. THEY CONTINUE TO WANT TO GROW AND GROW AND GROW, WITHOUT REGARD TO MEMBERSHIPS OR WITHOUT REGARD TO RELATIONSHIPS. AND THAT'S WHAT THIS BILL BASICALLY DOES. WHAT THIS BILL DOES IS IT TAKES AWAY THE REQUIREMENT THAT THERE BE MEMBERSHIPS, THAT THERE BE RELATIONSHIPS. IT LETS CREDIT UNIONS GROW FROM THE COAL FIELDS TO THE SEA. THAT'S WHAT THIS DOES. AND WHAT THIS BILL ALSO DOES IS -- AND I WAS IN FAVOR OF HELPING THE SMALLER CREDIT UNIONS, THOSE THAT MIGHT BE STLING BECAUSE OF THEIR SITUATION UNDER THE DODD-FRANK ACT OR SOME OTHER BURDENSOME REGULATION, BUT THIS BILL DOESN'T DO THAT. WHAT THIS BILL DOES IS IT LETS THE BIGGER CREDIT UNIONS GET BIGGER AND BIGGER AND BIGGER. WHAT IT DOES IS IT ALLOWS 95 OF THE 113 FEDERAL CREDIT UNIONS TO BE IMMEDIATELY BOUGHT BY THE BIGGER STATE CHARTERED CREDIT UNIONS. THAT'S WHAT THIS DOES. MAKE NO MISTAKE ABOUT IT. THAT'S WHAT THIS BILL WILL ACCOMPLISH, THAT'S WHAT IT WILL ACHIEVE. SO YOU KNOW, I THINK THAT THE OFFERS THAT WERE MADE BY THE BANKERS WERE REASONABLE OFFERS IN THIS MATTER. BUT THERE NEVER WAS A DEAL THAT COULD BE MADE. WHERE IS THE STOPPING POINT? AT WHAT POINT DO WE SAY CREDIT UNIONS CAN TAKE THE ENTIRE BANKING INDUSTRY OVER, AND NEVER PAY TAXES. RIGHT NOW IN YOUR COMMUNITIES, I DARE SAY IN A LOT OF OUR COUNTIES, IN OUR COMMUNITIES, THE BANKS ARE THE LARGEST PAYING TAX TAXPAYERS IN THOSE -- TAXPAYERS IN THOSE COMMUNITIES. WHEN YOU ADD THEM UP, THE AMOUNT OF MONEY THEY ARE RETURNING TO THOSE COMMUNITIES IS PROBABLY, IN MANY, MANY CASES, THE LARGEST. SO ARE WE GOING TO ALLOW THE CREDIT UNIONS TO JUST CONTINUE TO EAT AWAY, EAT AWAY, EAT AWAY, AT GOOD CORPORATE CITIZENS THAT ARE PAYING THE WAY BY PAYING TAXES, BOTH STATE AND FEDERAL? I HOPE THAT IT WILL BE YOUR PLEASURE TO DEFEAT THIS BILL. THE CREDIT UNIONS SERVE A VALUABLE PLACE, A VALUABLE NICHE IN OUR ECONOMY, BUT THEY DON'T NEED TO REPLACE THE BANKS. THANK YOU MR. PRESIDENT. THANK YOU SENATOR. THE SENATOR FROM STAFFORD, THANK YOU MR. PRESIDENT, SENATOR STUART. SPEAKING TO THE BILL? THE SENATOR HAS THE FLOOR. MR. PRESIDENT, I'VE GOT CREDIT UNIONS IN MY DISTRICT, AND I'M A BIG SUPPORTER OF CREDIT UNIONS. I THINK THEY HAVE A VERY VALUABLE PLACE IN OUR COMMUNITIES. AND WE WORKED REALLY HARD TO COME UP WITH SOMETHING THAT HELPED THESE SMALLER CREDIT UNIONS THAT SAID THEY WERE HAVING SOME DIFFICULTIES IN BUSINESS, AND CRAFT SORT OF A COMPROMISE TO ASSIST THEM. UNFORTUNATELY, THE GENTLEMAN FROM FRANKLIN HAS NOW GONE BEYOND THAT COMPROMISE AND HE HAS VASTLY EXPANDED WHAT WE THOUGHT WOULD BE A HELP. THE ISSUE FOR ME IS JUST THE ISSUE OF FAIRNESS. IT'S JUST SIMPLY AN ISSUE OF FAIRNESS. AND IT'S REALLY UNFAIR FOR US TO LOOK AT THE BANKS AND SAY WELL, IN ORDER FOR YOU TO DO BUSINESS IN VIRGINIA, YOU'VE GOT TO PAY TAX AND WORK UNDER A REGULATORY FRAMEWORK WHICH IS PRETTY DARN STRENUOUS FOR THEM. BUT FOR THE CREDIT UNIONS, IT'S OKAY, WE'RE GOING TO LET YOU ALL GROW AND COMPETE AND YOU'RE NOT GOING TO HAVE TO OPERATE UNDER THE SAME REGULATORY FRAMEWORK. AND THAT'S THE ISSUE. THAT'S THE ISSUE. WHEN YOU ALLOW THEM TO MERGE LIKE THAT, AND GROW AND COMPETE, WITHOUT THE SAME REGULATORY BURDEN OR HAVING TO PAY TAXES THAT THE BANKS HAVE TO PAY, IT'S JUST UNFAIR. AND BASED UPON THE FACT THAT HE HAS EXPANDED THIS BILL SO VASTLY, I WOULD HOPE THAT WE WOULD VOTE AGAINST THE BILL.

Del. Bill Howell (R-Fredericksburg): THANK YOU SENATOR. THE QUESTION IS, SHALL SENATE BILL 582 PASS? ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED?

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[Unknown]: THE HOUSE WITH AMENDMENTS. THE SENATOR FROM FRANKLIN COUNTY, SENATOR STANLEY. THANK YOU, MR. PRESIDENT. I MOVE THAT WE CONCUR WITH THOSE HOUSE AMENDMENTS AND SPEAKING TO THAT BILL, SIR. THE SENATOR HAS THE FLOOR. THANK YOU, MR. PRESIDENT, AND MEMBERS THE SENATE. SENATE BILL 582 IS THE CHARTER BILL FOR CREDIT UNIONS. WE WORKED OUT A DEAL BETWEEN THE STAKE HOLDERS WHERE THE MEMBERSHIP ALLOWING MERGERS WOULD INCREASE THOSE BANKS FROM 15,000 MEMBERS TO 35,000 MEMBERS AND WE STRUCK THE LANGUAGE WHICH WOULD HAVE ALLOWED FEDERAL CHARTERED CREDIT UNIONS TO MERGE WITH FEDERAL. SO EVERYONE IS HAPPENMY NOW. A TEAL WHERE EVERYONE CAME OUT UNDERSTANDING THIS WAS A GOOD WAY TO MOVE FORWARD ON MY SENATE BILL. WITH THAT EXPLANATION, MR. PRESIDENT, I NOW RENEW MY MOTION THAT WE ACCEPT AND CONCUR WITH THE HOUSE AMENDMENTS. THANK YOU, SENATOR. THE SENATOR FROM JAMES COUNTY, SENATOR NORMENT. CITY WILL THE SENATOR YIELD FOR A QUESTION, PLEASE? THE SENATOR FROM FRANKLIN COUNTY YIELD FOR A QUESTION? I MOST CERTAINLY WILL, SIR. HE YIELDS, SENATOR. MY QUESTION IS I BELIEVE WE PREVIOUSLY HAD INSERTED 15,000 MEMBERS. HAS THAT NOW STRICKEN THAT AND INSERTED IT BACK TO 35,000? THE SENATOR FROM FRANKLIN COUNTY. MR. PRESIDENT, I WOULD ANSWER THE GENTLEMAN BY SAYING YES, THAT IS CORRECT. THE ORIGINALLY PASSED WAS AT 15,000 LIMIT MEMBERSHIP AND NOW BY WAY OF AGREEMENT BETWEEN THE BANKS AND CREDIT UNIONS NOW 35,000 MEMBERS.

Del. Bill Howell (R-Fredericksburg): THANK YOU, SENATOR. THE QUESTION IS SHALL THE SENATE CONCUR WITH THE HOUSE AMENDMENTS. ALL IN FAVOR OF THE MOTION WILL. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY SENATORS DESIRE TO CH ANGE THEIR VOTE? THE CLERK WILL CLOSE THE ROLL.

[Unknown]: AYES 32, NOS 6. AYES 32, NOS 6. THE SENATE CON SURES WITH THE HOUSE AMENDMENTS. SENATE BILL 592 PASSED THE HOUSE WITH A SUBSTITUTE.

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