DC Council Moves Forward with Proposal for DC Credit Union Charter

On Monday, October 28, the DC Council’s Committee on Business and Economic Development will hold a public hearing on the proposed “Credit Union Act of 2019.”

DC flag 280 x 220This bill will authorize the District’s Department of Insurance, Securities, and Banking (DISB) to charter, supervise, regulate, examine, and exercise other powers related to the operation of credit unions in the District. If enacted, this bill would give credit unions headquartered in DC the option to operate under a District charter rather than a federal charter, which is currently the only option.

The MD|DC Credit Union Association’s Advocacy Team has been working with the Council on the bill since it was originally introduced several years ago. Our priority is to ensure that any legislation provides credit unions with the tools necessary to best serve members in the District. We are drafting testimony and would welcome input from you. Please feel free to contact VP of Advocacy Rory Murrau by email at Rmurray@mddccua.org or by phone at 443.325.0775.

You can review the bill here.