The North Carolina House Finance Committee met today for further consideration of H187 "CU Update"
If you missed the session, don't despair as it was very brief and there is much more "conversation" to come! Here's a brief synopsis:
1) The principal sponsor of H187 is Representative Julia Howard [link], who also was the principal sponsor of the 2023 session bill (H410), which failed. Representative Howard presented a brief summary of the provisions of H187 and acknowledged that H187 is basically identical to H410 [link].
2) So, the issues of a) open membership (including all corporations!), b) unconstrained corporate/commercial lending, c) the export of N.C. jobs and capital from rural and urban communities, and plus d) authorization of speculative investments - including "crypto" - remain on the table this year.
3) One committee member asked pointedly "how one could any longer tell the difference between a commercial bank and a credit union?" The answer was not clear.
4) Committee member, Representative Deb Butler [link] brought up the issue of tax exemption for credit unions as seeming to be less justified, as well as other imbalances in rules and requirements. So the tax issue will be front and center.
5) The bill was approved to move forward for further consideration.
😎 Interestingly, Rep. Butler specifically mentioned "our beloved State Employees Credit Union", while hammering on the tax issue. Further proof that SECU's reputation has not been destroyed by the last 4 years.
..."not been destroyed"... at least not yet!
Sounds like 'they' favor big business over the individual...
ReplyDeleteAnother hiring freeze, soon will be another promotion freeze.
ReplyDeleteWe were just talking about how they'll put a hiring freeze but won't consider deflating a certain overinflated department. (I won't name names but I'm sure it can be figured out the department we were speaking of.) LOTS of money would be saved. I am willing to bet there won't be merit raises. S&%t show express.
DeleteAs an IT employee, I will say our department is bloated. Tons of non-technical people brought in that do nothing but hinder progress. We have meetings with 60 people and 50 of them don't do anything but ask when something will be done. And the good employees feel beat down and want to leave, and it will only get worse because you'll only have the fluff jobs left standing.
DeleteLeigh Brady straight out said in her email that she wanted to trim payroll by getting people to leave.
DeleteProblem is, the people that leave are usually the competent ones. The incompetent know they got a good thing going here.
Yes, hiring freeze coming 4/1/25
ReplyDeleteThe speed and magnitude of SECU's demise by Brady and this Board is nothing short of spectacular.
Brady really shouldn't be consumed that the first layoffs in SECU's history "won't be on my watch". The overall failure (financials, staff, members) is going to be immense - she and this "head in the sand" Board own all of it.
And they sit at their round table and laugh during the Exec Team Calls
DeleteAre you sure that's what actually happens
Delete