Thursday, December 21, 2023

Not Certain Why This Is So Difficult, Are You? But, Starting The New Year Off With A Bang...



^A: ✔  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? [Y/N?]

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? [Y/N?]

^B: Mr. and Mrs. Blaine,

Please refer to the response dated October 19, 2023.*


Kristina Ray

Administrator of Credit Unions

*[I won't answer. You need to hire a lawyer to make me.] 

^C: The two martini legal opinion: [see link]

The following alternatives were proposed:
  1. Politely re-request that the prior response to the two questions be clarified and state that a legal opinion is not being requested. [Tried that (see "^B" above) didn't work!]
  2. Appeal the latest response to the Credit Union Commission. [Scheduled now, but no later than 4/9/2024]
  3. Ask a state-chartered credit union, as a courtesy, to file the 2 questions with the Administrator. [Confirmed for January!]
  4. Ask your N.C. State Representative (or any Representative) to file a request for answers to the 2 questions with the Administrator. Responses are generally mandatory. [Confirmed for January!]
  5. Ask your State Senator (or any Senator) to file a request for answers to the 2 questions with the Administrator. Responses are generally mandatory. [Confirmed for January!]
  6. Ask members from all across the State to also request that their Representative/Senator write the Administrator requesting an answer to the 2 questions. The more the merrier.  [May have to ask for North Carolinians (that means you!) to support a responsive answer from the NCCUD, if 2, 3, 4, 5 get stonewalled]
  7. Request through the Legislature that the Administrator be required to appear before any future hearing on H. 410  to answer these 2 questions and any others surrounding the role of NCCUD in the approval and monitoring of bylaw amendments. [Scheduled for when the Legislature returns to session in February!]
  8. Encourage consumers/credit union members to attend the next Credit Union Commission Meeting (Spring 2024 Meeting coming up) to publicly comment on these 2 questions and other issues concerning the supervision of credit unions by the Administrator. Again, the more the merrier. [Request for location made - in process, will let you know.]
  9. File a formal complaint. [Anyone can do that online at the NCCUD website; but why not be smart and just answer the two questions - and avoid all this?]
  10. All of the above. [Working on it.]

 ^DThe Chairman and Commission could easily answer the questions now and avoid impinging on the patience of the State Legislature [see #2 above] - give Ms. Ray some cover on this mysterious reluctance:

N.C. State law: (c)  The Credit Union Commission is hereby vested with full power and authority to review, approve, or modify any action taken by the Administrator of Credit Unions in the exercise of all powers, duties, and functions vested by law in or exercised by the Administrator of Credit Unions under the credit union laws of this State.

... usually not very wise "to diss" the political folks over on Jones Street unnecessarily, especially around Christmas!