2025 General Assembly Session

HB 1715 (Watts) / SB 939 (Salim) Mail Theft Penalty

Creates a state-level felony crime for the theft of mail, packages or mail keys. In an effort to reduce the instances of checks obtained through stolen mail and used to committee fraud, the bill would authorize local law enforcement and prosecutors to go after these criminals. The VBA has worked with the US Postal Inspector for Virginia on the bills and supports their passage. Both bills have been assigned to their respective chambers’ Courts Committees. SB 939 is scheduled to be heard this morning.

HB 2120 (Maldonado) / SB 825 (Favola) Elder Financial Abuse Asset Seizure

Allows law enforcement officers to request a warrant issued by the court to seize accounts during the investigation or arrest in connection with crimes involving the loss of funds from a vulnerable adult. This would allow law enforcement to quickly stem the outflow of money and assets fraudulently obtained through elder financial exploitation. The VBA supports these bills and worked with law enforcement and other stakeholders on the language. SB 825 unanimously passed the Senate Courts Committee and the full Senate. HB 2120 is scheduled to be heard in the House Courts Civil Law Subcommittee this afternoon.

HB 1600, Item 261 #1h (Sewell) Credit Union Public Deposits

Amends Virginia’s budget to create a pilot program under the Treasury Department for low-income designated credit unions to hold public deposits. Well over half of all credit unions in Virginia have that designation, including multi-billion-dollar Virginia Credit Union and Northwest Credit Union (who paid for the Commander’s stadium naming rights). The VBA will strongly oppose any attempt for credit unions to hold public deposits. The amendment will be considered by the House Appropriations Committee prior to unveiling their full budget this Sunday, February 2^nd. Send a message to your Delegate today to oppose this effort by clicking here.

HB 2094 (Maldonado) AI Regulation

Creates comprehensive anti-discrimination regulations over the development and deployment of artificial intelligence including requiring disclosure, impact assessments and adverse decision appeals when AI us used for consequential decisioning, including for financial services. Banks are already subject to anti-discrimination laws and regulation regardless of the use of AI and subject to existing and evolving regulatory and supervisory regulation and guidance on the use of AI. Delegate Maldonado recognized this and has included an exemption for banks. The bill is scheduled to be heard in the Communications Subcommittee of the House Communications, Technology and Innovation Committee this afternoon where our suggested language will be proposed.

HB 2073 (Garrett) / SB 1453 (Sturtevant) Debanking

Would prohibit banks from discriminating against customers on the basis of their political opinions, religious beliefs and affiliations, and any other factor other than a quantitative, impartial, and risk-based standard. It also prohibits the use of “social credit scores” based on gun ownership, fossil fuel business, position on illegal immigration and other ESG and DEI subjective measures. This is government intrusion into the decision-making by a bank on the customers it chooses to serve or not based on their risk assessment, which is why the VBA is opposed. HB 2073 was amended in Subcommittee last week to create a definition of “debanking” and require banks that receive consumer allegations of it to the Bureau of Financial Institutions. The VBA voiced our continued opposition, and the bill was defeated on a 4-3 vote. SB 1453 is scheduled to be heard in the Senate Commerce & Labor Committee this afternoon.

SB 1452 (Sturtevant) Assumable Mortgages

Would allow all existing and future mortgages to be assumed by the buyer if the purchaser is “determined to be creditworthy under generally accepted mortgage underwriting standards.” The proposal does not provide a definition or clarity on those standards and who determines them, would seemingly undercut consumer anti-discrimination lending laws and secondary mortgage market rules, potentially voids existing mortgage note restrictions on transfers, and injects unnecessary risk into the home lending market. The VBA – along with mortgage bankers, realtors and others – are opposed to the bill which has been assigned to the Senate General Laws and Technology Committee.