Was SECU created to compete with banking interests for commercial loans, or to serve the financial needs of state employees, public school employees and their families in North Carolina?
KEEP ASKING YOURSELF:❓What is so important in H. 410 that the Carolinas' Credit Union League (CCUL) and SECU are willing to sacrifice anything and anybody to get it passed?
1) Here's what current N.C. laws say about lending to corporations by credit union:
G.S. 54-109.27 Societies and other associations. Societies, and co-partnerships composed primarily of individuals who are eligible to membership, and corporations whose stockholders are composed primarily of such individuals, may be admitted to membership in the same manner and under the same conditions as individuals, but may not borrow in excess of their shareholdings. Provided, however, secured loans in excess of shareholdings may be made to nonprofit societies, co-partnerships, and corporations who are members. (1975, c. 538, s. 1; 1979, c. 809, s. 1.)
2) Here's the H. 410 rewrite of that law:
"§ 54-109.27. Societies,corporations, and other entities. Societies and partnerships composed primarily of individuals who are eligible to membership, and corporations whose stockholders are composed of or controlled primarily by eligible individuals, and other business entities owned or controlled primarily by eligible individuals may be admitted to membership in the same manner and under the same conditions as individuals."
❓What is so obviouly missing in #2 - the H. 410 rewrite? That's right, the removal of any limitations on commercial lending - including unlimited, unsecured loans! - to corporations by credit unions.
Have you heard this memtioned at anytime by Dan Schline, CCUL, or SECU in all the discussions and presentations to the Legislature and the press?
Wouldn't most folks find that omission to be at least under-informing, if not downright misleading and designed to purposefully deceive?
IS THIS A MINOR "UPDATE" TO NORTH CAROLINA CREDIT UNION LAWS?
Why is Mr. "Preposterous" (and his "co-cons" on the SECU Board) afraid to tell the whole truth?
...don't forget to reread that first "❓" above - before you start screaming!