Katie BaileyThe League met with leadership from the Virginia Bureau of Financial Institutions (BFI) to discuss a proposed legislative update that would address challenges faced by out-of-state, federally insured credit unions seeking to do business in Virginia.
Deputy Commissioner of Administration and Licensing, Dustin R. Physioc, and Deputy Commissioner of Depository Supervision, Ronald E. Prillaman, met with The League’s Advocacy Team to discuss the proposal in depth and share background on the bill’s implications.
Currently, Virginia law requires the National Credit Union Administration (NCUA) to designate an agent for service of process on behalf of these out-of-state institutions. However, in several cases, the NCUA has not completed the necessary registration form, resulting in delays for credit unions attempting to complete mergers within the state. To address this, the BFI is exploring clean-up language to clarify the Virginia Code and prevent these administrative obstacles from delaying credit union activity.
The League plans to support this legislation and will continue working with the BFI as it moves through the Virginia General Assembly.
