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?
👍 Want to see how Dan Schline and SECU are trying to slip one pass the N.C. Senate, other credit unions, the banks, and most importantly the people of North Carolina. Listen closely for that hiss-s-s-s-s-s-ing sound, and watch out for "or"......
1) Here is the current credit union law:
(a) The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and such other persons within the common bond set forth in the bylaws as have been duly admitted members, have paid any required entrance fee or membership fee, or both, have subscribed for one or more shares, and have paid the initial installment thereon, and have complied with such other requirements as the articles of incorporation or bylaws specify.
(b) Credit union membership may include groups having a common bond of similar occupation, association or interest, or groups who reside within an identifiable neighborhood, community, or rural district, or employees of a common employer, and members of the immediate family of such persons. (1915, c. 115, s. 6; C.S., s. 5230; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, s. 18; 1975, c. 538, s. 1.)
2) Here is the proposed rewrite under H. 410:
"§ 54-109.26. "Membership" defined.
(a)The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and other persons within the common bonds set forth in the bylaws that have been admitted members and have complied with other requirements specified by the articles of incorporation or bylaws.
(b) Credit union membership may include the following:
(1) Groups having a common bond of similar occupation, association, or interest. [blank, no "or")
(2) Persons who reside within an identifiable neighborhood, community, or rural district. [blank, no "or"]
(3) Employees of a common employer.
(4) Members of the immediate family of persons described in subdivisions (1) through (3) of this subsection.
The addition of that "s" and the removal of the "or" do three things:
1) Those minor "Updates" overrule the N.C. Supreme Court ruling in 1981 that stated clearly that North Carolina credit unions were not permitted to have open membership. There were "limits"! (See 4/30 blog post "Designed to Deceive" #4)
2) The proposed changes in H. 410 (that "s" and "or") would permit any number of separate "groups" to join a credit union.
3) If you haven't checked your dictionary lately, the defintion of group is "two or more people." So, under the proposed H. 410 minor "Updates"...you and a couple of friends can declare yourself a "group" ("we like to go fishing together" or "our book club") and qualify for membership in a credit union...
..... especially if that credit union has overweening ambitions and egocentric "it's-not-about-the-members, it's about me" leadership.
That sound like any credit union or (League) you've been reading about...
.... s-s-s-s-s- "OR" s-s-s-s-s-s-?
...S(n)akes alive!!! s-s-s-s-s-...
