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 Virtual annual meetings and sham elections will consolidate power for self-selected and self-perpetuating boards, who no longer represent the members’ best interest.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

H. 410 - Credit Union Updates - Passes the House Banking Committee Well, as we'd been advised H. 410 passed the House Banking Committee meeting this morning. The way politics has to work sometimes, the Carolinas' Credit Union League dropped in a changed bill with new wording  - called a "proposed committee substitute" (PCS) -  at the last moment around 9 pm last night. CCUL and CEO Schline have moved from "Magic tricks" to "Snake Oil" and the House Banking Committee swallowed it...but don't be too hard on them. I'll give you a little clearer picture of what's going on tomorrow. In politics, as in life, sometimes you just got to do what you got to do to survive - and some of them did. More later!

There was a little bit of discussion amongst the Committee members; and, despite no one having had a chance to read and study that new "PCS", the bill passed, on a decidedly split voice vote. So, next stop is the Rules Committee and then the bill would go to the House floor for a vote. After that, on to the N.C. Senate. It's a process, be patient. Will follow up with more details later. 

The one regret today was that a pretty hardy band of SECU advocates showed up to comment before the Committee on H.410. They had prepared well, with solid thoughtful statements on why H. 410 was "bad news" for credit unions and all of North Carolina. But we got surprised again when the length of comments was limited to 1 minute!!- when usually 2-5 minutes is the norm. So, the messages often sounded fragmented, with disconnects, and several had to stop mid-sentence. Kinda horrible after all that prep, everyone felt discouraged. But who said life is fair?!

Good news is the Banking Committee had never had that many people sign up before! That made a statement all by itself...far beyond any impossible one minute limitation on speaking. Got shut down but didn't get shut out!. Have permission to publish a few on the blog...  some will make you cry, some will make you mad, some will make you laugh.

Some good signs that truth will win out on this bill.... the final Yea/Nay vote is still @ 8 weeks away!


S-S-S-Surprise! S-S-S-Surprise! S-S-S-Snakes on a plane!


H. 410 "Credit Union Updates" - Comes Down To Shakespeare, "To Be, Or Not To Be..."


                       THE PEOPLE OF NORTH CAROLINA

👎 "VIDERI QUAM ESSE"*!/quality/90/?


  Well, show time, Round 1 ! ... 🐝🐝, or not 🐝🐝 (...🐝🐝 continued!)


* Esse Quam Videri - "To be, rather than to seem" 

               (our North Carolina state motto!)

 * Videri Quam Esse - "To seem, rather than to be"