Saturday, April 29, 2023

H. 410 - Credit Union Updates - Designed To Deceive #1 and hopefully our Senators in the State Legislature will keep the following question foremost in mind as you attempt to decipher the true intent and impact of H. 410:

What is so important in H. 410 that the Carolinas' Credit Union League (CCUL) is willing to sacrifice anything and anybody to get it passed?

The answer to that question is H. 410 is written to entitle all North Carolina state-chartered credit unions - but particularly State Employees' Credit Union (SECU) - with unrestricted membership for individuals and corporations, and unlimited commercial lending authority to corporations anywhere in the U.S.A. 

The unlimited, open membership provisions are concealed within these sections of H. 410:

[you can find the full text with changes here]

Article 14D. "Membership."

§ 54-109.26. "Membership" defined.

§ 54-109.27  Societies, corporations, and other entities.

§ 54-109.28. Other credit unions and specially designated common bonds.

So, let's take a look at these "artfully" written proposed changes one at a time and see if you don't agree they are designed to under-inform and mislead the Legislature. We'll take a look at §54-109.28 "The Red Herring" first in two parts: 1) "Maybe Baby" and  2) " The Con-Census Map". Then proceed to the other two sections.

As we go forward keep two things in mind, the North Carolina Credit Union Act (Chapter 54) has included these words "Membership shall be limited to ..." since first written in 1915 - and still does! And that the Carolinas' Credit Union League seems determined to reverse the State Motto of "To be, rather than to seem" in its practices...

 Videri quam esse. - To seem, rather than to be.

Lets see who is telling the truth... 

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