Thursday, April 20, 2023

H. 410 - Credit Union Updates - One Commenter Claimed That CCUL's Bill Was Loaded Up With Stuff

From Thursday's Banking Committee... 

My name is Jean Blaine and I am one of your constituents in Granville County.

I am opposed to House Bill 410.

This bill, if passed, will do irreparable damage to the working men and women in North Carolina.  It will take dollars out of their pockets and their local communities, like Franklinton, and allow credit unions to invest in commercial real estate and corporations —anywhere— outside of North Carolina. This is already occurring.

Although the bill has nothing to do with North Carolina State Employees’ Credit Union - my credit union for 50 years. It has everything to do with SECU. Passage of this bill will see closure of branches, local jobs lost and moved out of state. This is already occurring.  SECU will not continue to be a North Carolina institution serving people of modest means, when it has corporations to chase and riskier business investments to manage. Leave commercial banking in the capable hands of North Carolina bankers!

This bill, if passed, will shift power away from the member to a corporate governance structure, unaccountable to membership. Virtual annual meetings and sham elections will consolidate power for self-selected and self-perpetuating boards, who no longer represent the members’ best interest. This too is already occurring.

Out-of-state members? Corporate members? At a credit union united by a common bond? Membership in such a circumstance does not exist. Members will become customers.  The credit unions will remain credit unions only because they pay no taxes. Does this sound like a North Carolina credit union serving people of modest means to you?

For over 100 years, credit unions have helped the people of North Carolina buy cars, houses, educate children, navigate divorces, deaths and all the financial misfortunes life can throw at folks.  This bill will totally transform the credit unions in North Carolina and not for the benefit of North Carolinians.

Put a stop to House Bill 410 and keep the credit union focus on North Carolina and the over 3 million members who live in all 100 counties across this great State.

As a mother of five and grandmother of 13, I can spot a dirty diaper! And, this bill is one dirty diaper!

Yep, Legislators definitely got that little 1 minute message!


  1. That was my favorite speech (sorry Jim). :)

    1. Have always acknowledged I "over-married", no one has ever disagreed with that assessment..

  2. Rep. Howard said during the Banking Committee meeting yesterday that a person would only have to state they are below the federal poverty line to join a credit union if the bill supported by SECU passed. (Which is better known as open field of membership.) Guess SECU wouldn't be waiting to spring Risk Based Lending on them, huh? Nah, they'd never take advantage of the disadvantaged...

    1. Requiring no proof, as she states, would literally mean open to anybody in the world. Wake up Rep. Howard and all the others - you are being intentionally mislead and this will not be good for millions of your constituents in the state you are supposed to be protecting!

  3. No s**t! Go girl!

  4. Behind every successful man is a better woman.