... Happy Easter!
Response From [see 3/20 post for inquiry]: The Chairman, North Carolina Credit Union Commission
March 25, 2024 [5:58 p.m.]
Mr. and Mrs. Blaine,
Thank you for your email and continued interest in the safety and soundness of Credit Unions chartered in North Carolina. In the interest of transparency, I will do my best to address your concerns.
You point out that concerns were raised in July, 2023 about the approval of a credit union’s by-law changes and then appealed the Administrator's decision. The Commission's authority is prescribed by state law and as Chair, I am charged with ensuring that the Commission does not exceed its authority. On February 26th, a public sub committee meeting was held which specifically addressed the authority of the Commission. Regarding the review of an Administrator's action, the only authority the Commission has is an appeal by a credit union as stated per G.S. § 143B‑439 (c). No credit union appealed the Administrator's decision with which you have expressed concern within the 30 days required by law. Your efforts to bring your concerns about this decision to the Commission's attention are much appreciated, but they are classified as concerns brought forth by a member of the public and therefore cannot be appealed to the Commission.
...but here's what NC law actually states:
"§ 143B‑439. Credit Union Commission. (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."
I also understand the Administrator's decision regarding your concerns and/or “complaint” has been questioned. Similarly, the Commission does not have the authority to consider overriding the Administrator without an appeal from a credit union. The Credit Union Commission is a separate and distinct entity from the Credit Union Division. The Commission does not make hiring decisions or provide day-to-day oversight of the Credit Union Division or its staff, including the Administrator. The Commission's duties are limited and defined by statute. Unfortunately, the Commission does not have the authority to address these concerns.
...but here's what NC law actually states:
"§ 143B‑439. Credit Union Commission. (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."
Regarding your claim that SECU has engaged in unlawful activity, your contention stands at odds with the Administrator's decision that the by-laws were appropriate. As stated above, the Commission does not have the authority to approve or modify that decision.
... but here's what NC law actually says:
"§ 143B‑439. Credit Union Commission. (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."
I do think it is a very important part of Credit Union Commission meetings to permit public comments related to the meeting’s agenda. While this is not a requirement and not offered by all NC Committees and Boards, I believe that the Credit Union Commission is better off hearing from the public and have provided for public comments once again at the upcoming April meeting. We are still working out the specific details, but will post these soon.
There are also a number of specific questions that you have presented which call for legal analysis or conclusions. The Credit Union Commission can not give out legal advice. An attorney should be able to advise you on these specific questions and assist with legal options that may be available.
Thank you once again for reaching out and giving me the opportunity to respond.
Sincerely,
Jamie Applequist
Chairman - North Carolina Credit Union Commission
... does anybody else sense that "something's a little weird" at the Credit Union Division? At this rate, suspect the NC Commission may not come out of this "with clean hands"!
