Again Rising to Speak On Behalf of Bunkum - House Bill 187!

😎 With the intro of H187, the Carolinas Credit Union League has doubled-down in its' efforts to redefine North Carolina credit unions toward a bank-like model.

 

 

 Reminiscent of Felix Walker...?

 

 

 

 

 

Felix Walker represented Western represented Western North Carolina during the 16th session of the U. S. Congress (1819-21). His Congressional District centered on the North Carolina community of Asheville in Buncombe County. Walker was well-known among the Representatives for his frequent speeches - particularly in respect to their length, dryness, and absence of insight.

On numerous occasions, over the groaning objections of his colleagues, Walker would rise to demand his prerogative "to make a speech for Buncombe." Walker, by his persistence, unintentionally immortalized his home county. The word "buncombe" - usually spelled "bunkum" or shortened to "bunk" - passed into the English language as a synonym for insincere speech making or for any general presentation of exceptional silliness and nonsense. 

😎 Since North Carolinians invented the style, most are reasonably adept at spotting bunkum and its practitioners.

  The "new/new" H187 appears to be an " H410 piglet" with a smudge of lipstick applied... but still bunkum!

Via The Disingenuity Of H187, All N.C. Credit Unions Have Been "Put In Play"...

 😎 What "others" are saying about H187 which is under consideration in the North Carolina Legislature:

 

[Excerpts]: "The North Carolina Bankers Association’s position on the bill is not about challenging credit unions that have adhered to their mission and common bond requirement." As stated earlier, there are credit union members and credit union leaders who opposed the prior bill and who worry about the credit union mission and common bond being distorted."

"Our opposition to House Bill 187 in its current form stems from the fact that the legislation is designed to benefit those credit unions that want to operate like full-service banks, without paying corporate income taxes and franchise taxes like banks, or being subject to similar examination and supervisory standards to banks. "

"If you have ever paid one penny in income taxes during your lifetime, then you have paid more in income taxes than any of the credit unions that are now seeking to have completely open fields of membership and to leverage their tax exemption to compete unfairly."

✅ "Any Person, Anywhere in the World…"

•  "... instead of having three distinct field of membership options, credit unions would be permitted to combine the three field of membership options."
  

"The effect is to allow the categories to be stitched together. Practically everyone on the planet, for example, lives in a “community” of some kind and so you quickly get to the point that anyone, anywhere in the world can be a member. "

 

✅ "Any Corporation…"

• "The bill would open membership to “corporations owned or controlled primarily by eligible individuals.” An individual doesn’t even have to be a member of a credit union. It is enough that an owner is eligible to join."
• "If anyone can join, then any corporation worldwide can be a member."
  

 ✅ "House Bill 187 would give credit unions practically all the powers of banks without taxing, supervising or regulating them like banks."

 😎 Appears that the Carolinas Credit Union League (CCUL)  has chosen to force the question!:  "Does North Carolina really need credit unions any longer?" 

 

  Wouldn't having just banks and "non-profit banks" work better?