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 Virtual annual meetings and sham elections will consolidate power for self-selected and self-perpetuating boards, who no longer represent the members’ best interest.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!