Review And Reflection #14: The Larger Agenda?

  ... something doesn't add up!

😎 How does one go from "gruntled" to "disgruntled"? 

 ✅ It happens when the truth put forth by our credit union leadership becomes uncertain, unimportant, or is simply ignored. 

One last important example. As with the the Fireside Chat  LGFCU "non-proposal" [link], one of the great difficulties over the last two years has been listening to SECU leaders put forth answers and explanations which simply weren't true. Why would the SECU Board approve such responses? Why did they do that? 

How did I know? Because having been around for decades, deeply concerned credit union folks of many stripes were calling and sending me the details and documents of what actually had, or was occurring. These people were participants in the discussions, present at the meetings, listed on the email correspondence - they were "at the table". 

So, remember all the "pushing and shoving" over those proposed simple legislative "Credit Union Law Updates" missold to the State Legislature?  Where did those "Updates" come from, why the fight?

😎 Sample of type of documents I received:

"Review of NC General Statutes April 27, 2021
Chapter 54 §14 - Page 2 of 8

"BACKGROUND"
"In 2020, the Carolinas Credit Union League (the League) [the trade association for NC credit unions.] began discussions with NASCUS [National Association of State Credit Union Supervisors - trade association for state credit union regulators] regarding changes that could be considered for the North Carolina General Statutes Chapter 54 Articles 14 and 15. NASCUS reviewed the statute and provided the League options for changes that could improve the competitiveness of the state charter and enhance supervision. Options for changes presented by NASCUS included revisions to existing provisions, additions of new powers and authorities, and deletion of certain General Statutes provisions. In preparing this report, NASCUS provided the League a wide range of perspectives related to existing and theoretical approaches to codifying a state credit union statute. Decisions on specific changes, and specific approaches, are solely those of the League. Recommended changes presented in this report represent the choices and decisions, and are at the direction, of the League."[The SECU CEO serves on the League Board]

"Article 14K. Change in Corporate Status."
"North Carolina’s provision related to change in corporate status combines both voluntary and involuntary termination of a credit union’s operations. Changes under consideration for Article 14K include streamlining the conservatorship requirements and co-locating conservatorship with the supervisory powers of Article 14B. Other changes would address merger with, and conversions to, non-credit union charter. ロ Clarify that the Administrator may place a credit union into conservatorship without advance notice to that credit union and confirm the credit union’s right of appeal to the Commission. ロ Expanded authority would provide for mergers with a non-credit union charter as well for credit unions to convert to non-credit union charter. "

😎 SECU leadership was "at the table" from the beginning of these discussions at which the Carolinas Credit Union League fully supported recommendations for such "minor CU legislative updates" as open membership - including all businesses, full commercial lending, national geographic expansion, and conversion to a bank charter. 

✅ The SECU Board supported  and continues to support the "CU Updates" legislation.   

(Q: Who are we? Where are you leading us? Why are you taking us there?)

The SECU Board should level with the SECU membership:  "Why wouldn't they want to do that?"