Summary of Provisions Of H. 410 - If You Want To Send Your State Representatives A Message - Feel Free to Copy And Paste

Was advised that a much shorter version would be helpful to gain the attention of your Representatives. Here it is:

Ref: H.  410

Short Title: Credit Union Updates

* H. 410 is not a few, minor "Credit Union Updates", it is a major, fundamental rewriting of  N.C. Credit Union statutes.

 * H. 410 - eliminates the original principles under which credit unions were formed in North Carolina – 1) limited membership requirements, 2) a member-controlled, non-profit cooperative, 3) and a primary focus on serving “individuals of modest means”. 

* H. 410: 

1.     Proposes unlimited membership for both individuals and corporations 

2.     Codifies the purposeful erosion of local, member cooperative control:

3.     Legislates a shift away from serving folks of modest means in N.C.

4.   Authorizes N.C. credit unions to lend essentially without limit to members, non-members and corporations anywhere in the world.

5. The provision in H. 410 (54-109.28) purporting to assist “under-served populations and communities” is an excellent example of that old legislative trick of attempting to make an awful bill “look better” by throwing in an “orphans and widows” clause. It used to be called “putting lipstick on a pig!’’ The “pig” in this case is H. 410! 

6. If new legislation is needed to clarify the future role of credit unions in North Carolina – H. 410 is not it!

 

For a broader analysis see: [www.secujustasking.com...April 5,2023 post]