Posted on 01/26/2010 1:06:49 AM PST by CitizenM
This is an email I received from my local Credit Union. The Virginia Credit Union sent it to all members. I felt many Virginians would want to know. But also all citizens in states where the same thing might happen.
Dear Member,
Legislation is advancing in the Virginia General Assembly that would make it easier for banks to acquire credit unions. Your credit union management strongly opposes this legislation because it does not adequately protect the rights of credit union members.
It does not address such basic issues as voting procedures for credit union members in these cases. It fails to recognize the vast differences between not-for-profit credit unions and for-profit banks, which have different structures, missions and legal requirements.
Lawmakers must give these issues careful study and not rush to enact such sweeping legislation.
Please contact your Delegate and State Senator to let them know that you oppose House Bill 482 and Senate Bill 440 as introduced. They need to know how important your credit union is to you. You may use the Virginia General Assembly website, Who's My Legislator? for contact information and to send a message to your Delegate and State Senator. If you like, you can use the sample message below.
Thank you for your support.
Jane Watkins President/CEO Virginia Credit Union
**** SAMPLE MESSAGE ****
SUBJECT: Please Oppose H.B. 482 /S.B. 440
Dear General Assembly Member,
I'm counting on you as my representative to protect my rights as a credit union member. Please vote NO on H.B.482 /S.B.440.
Sincerely,
Your Name
Your Contact Information
If true...and I hesitate to give it a lot of credence....it would probably cause credit union members of each affected to quit and find another non-bank-owned credit union. I’ve been a member for twenty years with a credit union. I’ve found that their desire to “stay small” usually means less hassle...less screw-ups...and better service.
The desire of banks to get into this business? I would say the only plus-up is strong concrete membership...with members who don’t quit or move their accounts.
Why do they want an empty credit union?
Really. It would make for some expensive empty buildings.
I’ve been a member of the same credit union since 1968. I watched it grow from a small building on Fort Eustis to a CU with several modern branches. If a bank buys it, at the first sign of a fee I withdraw every cent.
Banks have long wanted Credit Unions to be ended. Can you say Jealousy/envy?
But to legislate this - I hope the new Governor of Virginia would veto it if it ever got passed.
Is the Legislature of Va liberal?
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