2025 Pub. 14 Issue 1

an exemption for smaller banks. Though both Virginia debanking bills ultimately failed, the trajectory of the issue here and in other states raises a question: Could Virginia’s community banks have secured a similar exemption if the bills had gained traction? Next, Sen. Lamont Bagby introduced legislation addressing usurious online lending. While it was clear that loans made by Virginia banks were not subject to the legislation, the fintech lenders launched a misleading media and grassroots campaign in opposition to the measure. At protectborrowerchoice.com, you will find the following grassroots messaging: “Community banks and credit unions, when partnered with FinTech companies, provide credit to people who need something other than traditional loans. Partnerships help banks reach new markets and get more people into the banking system. They expand access, and this bill is trying to limit access.” Fintech partnerships undoubtedly play a vital role in the efficiency and competitiveness of community banks. But this mischaracterization of those partnerships tried to leverage our sector’s positive reputation to advance someone else’s political agenda. As of press time, SB1252 passed and is headed toward Gov. Youngkin’s desk for his signature, amendment, or veto. These examples clearly underscore the need for VACB to deliver on its promise of undiluted advocacy. While complimenting the outstanding work of partners at the federal and state levels, VACB must grow its ability to stand up and make a difference for you right here in Virginia. That is why the Board of Directors adopted a budget that dedicates annual fundraising activities to the enhancement of our advocacy function. Additionally, VACB must examine future opportunities to undertake proactive advocacy initiatives that support entrepreneurship in local communities. Reforming Virginia’s broken economic development apparatus and/or adopting a state-level SAFE Banking Act becomes increasingly possible with greater focus, effort, and improved resource allocation. The first and foremost consideration in public policy for community banks is to “do no harm.” But the promise of undiluted advocacy is that it can also open doors. So perhaps we can do some good too. www.bccadvisers.com WE VALUE BANKS. Business valuation for... ▪ Gifting and stock transfers ▪ ESOP/KSOP valuation ▪ Buy/sell agreements ▪ Estate settlement ▪ Stock offerings ▪ SBA 7(a) loans Lindy Ireland lindy@bccadvisers.com 434.333.6814 5 The CommunityBanker

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