The "new/new" H187 "Credit Union Update" bill (the "old/old" H410 from the last legislative session) should pass the House chamber of the Legislature later today. As the principal sponsor of the bill stated H187 and H410 are basically the same bill - although at first glance H187 appears to have been "watered down". It's now an "Update" rather than an "Updates"!
The Carolinas Credit Union League (CCUL) continues to emphasize that H187 permits state-chartered credit unions to serve North Carolinians trapped in those rural financial deserts in 40 of North Carolina's 100 counties [link]. This open membership expansion permits credit unions to serve folks who "live at least 8 miles away from a bank branch" - tracking exactly who that is ought to be interesting! These "financial deserts" must not have electricity nor telephone services either; so contact centers, ATMs, mobile access probably can't be counted.
Our local NPR radio station - WUNC - heavily featured that single bill provision on the morning news.[link] Pulls at the heart strings; until one notes that there are no provisions in the bill, if approved. to measure the success of credit unions in serving "N.C.'s financially thirsty". Worse yet, there is no legislated requirement to bind credit unions to a commitment to actually serve these people - no reporting mechanism to track performance. A little "trust but verify" would seem prudent in our "new/new" credit union world.
If H187 passes the House as with last session, then the bill will move to the N.C. Senate for consideration in coming weeks. Stay tuned!
... relying solely on "in good faith" leadership can become problematic... as we all have witnessed!
Aurora's population is 449. If secu will commit in writing to open a branch there in 2025 and keep it open for > 10 years , the bill has my vote.
ReplyDeleteHell with that SECU has never opened a branch in southeast Durham with 200,000 black families. Serve us before you add 400 more people.
DeleteIf SECU wanted to serve the underserved "financial deserts", they can already do that without the law changed. They can use the parity provision in the existing statutes. Parity gives a state chartered credit union the ability to do anything a federal charter can do.
DeleteThis law change is more about unwinding a supreme court ruling.
8:29am Interesting idea about the parity provision, but probably not on-point. That interpretation would mean that N.C. credit union laws and the state legislature were basically irrelevant in independently defining N.C.the principles, practices, restraints on NC credit unions
DeleteOn course though in understanding that Hi87's wording seeks to bypass the Administrator of CUs and the State Legislature in the future.
Look carefully!.
Branches aren’t opened due to racial geography, they’re opened to serve the membership where they are. The question is, how many in Aurora and Southeast Durham are SECU members? Town of less than 500 people makes little sense even if they are all memebers especially since there are branches 10 miles down the road. So too does a branch in an are of 200,0000 where less than 500 are members.
ReplyDeleteColor blind? heard that before. there are more than 10,000 secu members in southeast Durham already. look at your records and cut the crap.
DeleteThen SECU should probably build a branch in Southeast Durham? I’m just making a point. You seem to have got more info on how many members are there than I do.
DeleteSo much arrogance...
Delete11:33 am One of those i have friends who are black comments. Southeast Durham is obvious example of secu losing site of who they serve. more members in urban deserts than auroa. add to growing list of discrimination race based branching SHAME!
Delete@10:58am If secu has enough members there they should build a branch to serve them. Ask secu about building one? Not sure how I can be more clear here bubs.
DeleteEveryone is worried about this bill meanwhile nobody is discussing the elephant in the room of how bad a financial condition the credit union is in. Another hiring freeze. Cut expenses on everything. No merit raises. The board really needs to contemplate executive management and their decisions. They are the people who made the decisions that got us here. Not only that but the hires into SVP positions and up over that past five years have been questionable. Filled with yes men and to be honest not the smarted employees. I really have severe questions over the decisions that are being made recently. It’s actually scary.
ReplyDeleteAre merit raises actually cut?
DeleteI can put a list of names together for Brady if she needs them. Layoffs are fine with me! Start at the SVP level. Most of the ones added about 3 years ago are not worth the money being spent. Not even close.
DeleteNot the smarted employee indeed
Delete2:09pm I have many concerns about SECU at this point, but financial soundness is not one
DeleteIs it possible they are doing a hiring freeze to make the ledger look better for when it is bought or becomes a bank?
DeleteIn the past here they didn’t have all the hiring freezes, short staffing, cut merits, inability to help the members. The main thing.. we didn’t fear poor leadership at the level we do know. Lots of bad decisions made SVP level up to executive. Their competence if very questionable.
Delete'Show me the Profit' says someone somewhere ....
ReplyDelete