To hear my grandfather tell the story, in 1937, times were tough for many state employees. Some could not make it from paycheck to paycheck. Consequently, they would borrow from loan sharks at exorbitant rates. To ease these struggles, 17 gentlemen founded the State Employees' Credit Union with a clearly defined purpose and goal. The concept was simple - a non-profit financial organization which offered a lower rate to those who borrowed and a higher rate to those who saved. Membership was defined with a common bond - state employment.
NC Credit Unions have continued to grow and benefit its members. I have witnessed a renter realize they could finance a home with no money down and have a lower mortgage payment than rent. I have watched a teacher receive a job offer but did not have a car, until they joined their credit union. I have observed a person with too much debt believe there was no way out of the dilemma until their credit union found a way to consolidate and ease their burden when no one else would. So much goodness in “people helping people”.
I would personally love to see credit unions succeed and thrive as they always have.
As a banker, my father had an amazing career at First Citizens Bank for over 35 years. So, I clearly understand the distinct difference between credit unions and banks. I believe there is a fair and equitable way for each to excel at what they do best AND provide for the needs of both members and customers. In school I learned the valuable principle of “Sticking to the Knitting.” Do what you do best and you will continue to succeed.
I do not understand why the lines need to be blurred between banks and credit unions by eliminating the original principles under which NC Credit Unions were formed. I can think of no other reason than growth and greed.
The proposed changes in HB410 do not put the needs of members first in “their” NC MEMBER-OWNED Credit Unions.Thank you for your support.
Susie Knox Ford
Proud Legacy Credit Union Member
Carolinas' Credit Union League: H. 410 - The Credit Union "Growth and Greed Bill"