Credit unions; activity authorized for a federally chartered credit union.
Do you support it?
Want to know if it passes?
We'll email you when HB 209 moves — a committee vote, a floor vote, or a signature. Nothing else.
Free forever · unsubscribe in one click.
Your answer was recorded either way.
Which district are you in?
Your ZIP is all we need to match you to your own representatives — so we can tell you how they voted on HB 209.
You're tracking HB 209
We'll email you the moment it moves.
HB 209 — Credit unions; activity authorized for a federally chartered credit union.
Last action — Approved by Governor-Chapter 606 (effective 7/1/22)
No card. One bill, free forever — alerts when it moves.
-
✓Introduced
-
✓In Committee
-
✓Passed House of Delegates
-
✓Passed Senate
-
✓To Executive
-
6Enacted
This bill has been enacted into law. Introduced January 10, 2022. Enacted.
Signed by Governor Glenn Youngkin (Republican) on April 11, 2022.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
-
Enacted
Current position in the legislative process.
-
5 sponsors
1 primary, 4 co-sponsors signed on.
-
Cleared a recorded vote
Passed 6 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
Credit unions; activity authorized for a federally chartered credit union. Provides that a credit union has the power to engage in any activity, service, or other practice that is authorized for a federally chartered credit union and that has not otherwise been authorized for a state-chartered credit union, provided that (i) the credit union provides the State Corporation Commission with written notice at least 45 calendar days prior to engaging in any such activity, service, or practice and (ii) the credit union engages in the activity, service, or practice subject to the same terms, conditions, and limitations as applicable to a federally chartered credit union. Additionally, the bill authorizes the Commissioner of the State Corporation Commission to prohibit or restrict the activity, service, or practice at any time. This bill is identical to SB 329.
Bill Text
What changed in the latest version
55 added · 53 removedPlain-language change summary
The recent amendment to HB 209 updates the powers granted to credit unions in Virginia by clarifying their operational capabilities. Key changes include the removal of a provision allowing credit unions to adopt a corporate seal, which streamlines their operational requirements. Additionally, some language was refined for clarity, but the overall intent remains focused on enhancing the ability of credit unions to serve their members effectively. This matters because it enables credit unions to operate more flexibly in a competitive financial landscape.
SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E606 An Act to amend and reenact § 6.2-1302 of the Code of Virginia, relating to credit unions;
R O [H 209] Approved LApril L11, 2022 Be it enacted by the General Assembly of Virginia:
E § 6.2-1302.
DIn Commonwealth,addition ato creditthe unionpowers shallspecified haveor theimplied powerelsewhere to:ewhere in this chapter or in the laws of the 1.Commonwealth, a credit union shall have the power to:
1.
3.
Adopt, use, and display a corporate seal;
Individually or jointly with other credit unions acquire, lease as lessor or lessee, hold, assign, pledge, exchange, repair, mortgage, hypothecate, sell, discount, or otherwise dispose of properHyproperty or assets, either in whole or in part, as necessary or incidental to its operations, including any2propertyany property or ass6.assets obtained as a result of defaults under obligations owing to it;
6.
in9. associations and organizations controlled by or fostering the interest of credit unions, including a central liquidity facility organized under state or federal law;
Hold membership in other credit unions organized under this chapter or other applicable law, and in associations and organizations controlled by or fostering the interest of credit unions, including a central liquidity facility organized under state or federal law;
Invest its funds, operate a business, manage or deal in property when such actions are reasonably necessary to avoid loss on a loan or investment previously made or an obligation previously created in good faith.
Such property or business shall not be held or operated by the credit union for a periodinperiod longer than is reasonably required to protect the interest of the credit union, unless specifically authorized by the Commissioner;
Engage in any additional activity, service, or other practice that is authorized for a federally chartered credit union and that has not otherwise been authorized for a state-chartered credit union by the provisions of this chapter or by Commission regulation, including regulations adopted pursuant to subsection B of § 6.2-1303, provided that (i) at least 45 calendar days prior to engaging in any such activity, service, or practice the credit union provides the Commissioner with written notice along with any additional information relating to the activity, service, or practice that the Commissioner may require and (ii) the credit union engages in the activity, service, or practice subject to the same terms, conditions, and limitations that are applicable to a federally-charteredfederally chartered credit union.
and bylaws16. may authorize, provided such activities are not inconsistent with this chapter.
Undertake such other activities relating to the purposes of the credit union as its charter or bylaws may authorize, provided such activities are not inconsistent with this chapter.
View plain text versions (4)
- CHAP0606 View text Current pdf April 11, 2022
- HB209ER View text pdf February 28, 2022
- Committee Substitute Committee substitute printed 22105360D-H1 pdf February 08, 2022
- Prefiled Prefiled and ordered printed; offered 01/12/22 22101695D pdf January 10, 2022
Action History
-
Approved by Governor-Chapter 606 (effective 7/1/22)
-
Governor's Action Deadline 11:59 p.m., April 11, 2022
-
Enrolled Bill communicated to Governor on March 11, 2022
-
Signed by President
-
Signed by Speaker
-
Impact statement from SCC (HB209ER)
-
Enrolled
-
Passed Senate (40-Y 0-N)
-
Read third time
-
House subcommittee amendments and substitutes offered
-
Constitutional reading dispensed (40-Y 0-N)
-
Reported from Commerce and Labor (14-Y 0-N)
-
Referred to Committee on Commerce and Labor
-
Constitutional reading dispensed
-
VOTE: Block Vote Passage (99-Y 0-N)
-
Read third time and passed House BLOCK VOTE (99-Y 0-N)
-
Engrossed by House - committee substitute HB209H1
-
Committee substitute agreed to 22105360D-H1
-
Read second time
-
Impact statement from SCC (HB209H1)
-
Read first time
-
Committee substitute printed 22105360D-H1
-
Reported from Commerce and Energy with substitute (22-Y 0-N)
-
Subcommittee recommends reporting with substitute (10-Y 0-N)
-
Assigned sub: Subcommittee #2
-
Impact statement from SCC (HB209)
-
Referred to Committee on Commerce and Energy
-
Prefiled and ordered printed; offered 01/12/22 22101695D
Sponsors
- Delores L. McQuinn · Cosponsor
- Rodney T. Willett · Cosponsor
- Michael J. Webert · Primary
- Lamont Bagby · Cosponsor
- Kimberly Pope Adams · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 4 co-sponsors · 143 not signed on
Sponsors (1)
Co-sponsors (4)
Not signed on (143)
143 members have not signed on to this bill.
Show all 143 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 14 | 0 | 0 | 0 |
| Total | 14 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (14)
| Member | Party | Vote |
|---|---|---|
| Spruill, Lionell, Sr. | — | Yea |
| Barker, George L. | — | Yea |
| Bell, John J. | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Edwards, John S. | — | Yea |
| L. Louise Lucas | — | Yea |
| Lewis, Lynwood W., Jr. | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mason, T. Montgomery "Monty" | — | Yea |
| Newman, Stephen D. | — | Yea |
| R. Creigh Deeds | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Scott A. Surovell | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 98 | 0 | 0 | 1 |
| Total | 98 | 0 | 0 | 1 |
| % of votes cast | 99% | 0% | 0% | 1% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 22 | 0 | 0 | 0 |
| Total | 22 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Adams, Les R. | — | Yea |
| Alfonso H. Lopez | — | Yea |
| Batten, Amanda E. | — | Yea |
| Byron, Kathy J. | — | Yea |
| Christopher T. Head | — | Yea |
| Don Scott | — | Yea |
| Gooditis, Wendy W. | — | Yea |
| Guzman, Elizabeth R. | — | Yea |
| Israel D. O'Quinn | — | Yea |
| Jeion A. Ward | — | Yea |
| Joseph P. McNamara | — | Yea |
| Keam, Mark L. | — | Yea |
| Kory, Kaye | — | Yea |
| Lamont Bagby | — | Yea |
| Marshall, Daniel W., III | — | Yea |
| Michael J. Webert | — | Yea |
| Mullin, Michael P. | — | Yea |
| R. Lee Ware | — | Yea |
| Ransone, Margaret B. | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
| Terry G. Kilgore | — | Yea |
| Tony O. Wilt | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 10 | 0 | 0 | 1 |
| Total | 10 | 0 | 0 | 1 |
| % of votes cast | 91% | 0% | 0% | 9% |
How each member voted (11)
| Member | Party | Vote |
|---|---|---|
| Adams, Les R. | — | Yea |
| Byron, Kathy J. | — | Not Voting |
| Christopher T. Head | — | Yea |
| Gooditis, Wendy W. | — | Yea |
| Jeion A. Ward | — | Yea |
| Joseph P. McNamara | — | Yea |
| Lamont Bagby | — | Yea |
| Michael J. Webert | — | Yea |
| R. Lee Ware | — | Yea |
| Ransone, Margaret B. | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
Subjects
Frequently asked questions
- What does HB 209 do?
- Credit unions; activity authorized for a federally chartered credit union. Provides that a credit union has the power to engage in any activity, service, or other practice that is authorized for a federally chartered credit union and that has not otherwise been authorized for a state-chartered credit union, provided that (i) the credit union provides the State Corporation Commission with written notice at least 45 calendar days prior to engaging in any such activity, service, or practice and (ii) the credit union engages in the activity, service, or practice subject to the same terms, conditions, and limitations as applicable to a federally chartered credit union. Additionally, the bill authorizes the Commissioner of the State Corporation Commission to prohibit or restrict the activity, service, or practice at any time. This bill is identical to SB 329.
- Who sponsors HB 209?
- HB 209 is sponsored by Delores L. McQuinn, Rodney T. Willett, Michael J. Webert, Lamont Bagby, and Kimberly Pope Adams.
- What is the current status of HB 209?
- This bill has been enacted into law. Introduced January 10, 2022. Enacted.
- Where can I track HB 209?
- Track HB 209 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on HB 209
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of HB 209
Last checked for changes 3 months ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →