Monday, October 9, 2023

What Was All That About...


 October 9, 2023

Dear Ms. Ray:

We listened with great interest to the discussion held at today's Commission meeting. Hope the subcommittee review of bylaw standards and the State Statutes will be a productive process. Look forward to learning more about how the process will be implemented and managed.

As we understood the purpose of the Commission meeting today, it was to address the two simple questions we reposed to you in our October 7, 2023 letter (excerpt):

"We would like to clarify the two questions which we hope will be answered at this Special Commission Meeting. A precise response should be un-difficult for the N.C. Attorney General's Office, as your counsel.

Q: 1)  Is the N.C. Credit Union Division required by North Carolina law to monitor and enforce compliance by state-chartered credit unions with their bylaws? (We believe the answer is obviously "yes". Why would the NCCUD be required by North Carolina law to approve all bylaw amendments, if the NCCUD was not expected to enforce compliance with those bylaws?)
Q: 2)  May a N.C. state-chartered credit union adopt rules, policies and procedures which effectively amend its bylaws without approval by the NCCUD? (Again, we believe the answer is obviously "no''. North Carolina law requires that the Credit Union Division approve all bylaw amendments by a credit union)."

We first posed these questions in our 7-25-2023 meeting which was over 60 days ago. As the Administrator, you can answer these questions without any extended legal balderdash or imposing on the Commission further. We would again request a simple, declarative statement from you on these two regulatory questions.

Could we be assured of hearing from you in the next 10 days? Thank you.

Jean and Jim Blaine

... should have submitted a bylaw amendment to get an "overnight" response!