Via The Disingenuity Of H187, All N.C. Credit Unions Have Been "Put In Play"...

 😎 What "others" are saying about H187 which is under consideration in the North Carolina Legislature:

 

[Excerpts]: "The North Carolina Bankers Association’s position on the bill is not about challenging credit unions that have adhered to their mission and common bond requirement." As stated earlier, there are credit union members and credit union leaders who opposed the prior bill and who worry about the credit union mission and common bond being distorted."

"Our opposition to House Bill 187 in its current form stems from the fact that the legislation is designed to benefit those credit unions that want to operate like full-service banks, without paying corporate income taxes and franchise taxes like banks, or being subject to similar examination and supervisory standards to banks. "

"If you have ever paid one penny in income taxes during your lifetime, then you have paid more in income taxes than any of the credit unions that are now seeking to have completely open fields of membership and to leverage their tax exemption to compete unfairly."

✅ "Any Person, Anywhere in the World…"

•  "... instead of having three distinct field of membership options, credit unions would be permitted to combine the three field of membership options."
  

"The effect is to allow the categories to be stitched together. Practically everyone on the planet, for example, lives in a “community” of some kind and so you quickly get to the point that anyone, anywhere in the world can be a member. "

 

✅ "Any Corporation…"

• "The bill would open membership to “corporations owned or controlled primarily by eligible individuals.” An individual doesn’t even have to be a member of a credit union. It is enough that an owner is eligible to join."
• "If anyone can join, then any corporation worldwide can be a member."
  

 ✅ "House Bill 187 would give credit unions practically all the powers of banks without taxing, supervising or regulating them like banks."

 😎 Appears that the Carolinas Credit Union League (CCUL)  has chosen to force the question!:  "Does North Carolina really need credit unions any longer?" 

 

  Wouldn't having just banks and "non-profit banks" work better?