... watch closely!
✅ If you've listened to the hype "ginned up" on "H.187 The CU Update Act", you may have come to believe that N.C. state-chartered credit unions are prohibited from offering business accounts to their members.
😎 Well if so, you've been misled - purposefully. Why do you say that? Prove it!
Okay, lets do just that! Start by going to the North Carolina Credit Union Administrator's website [link NCCUD]. The Administrator is responsible for enforcing N.C statutes, rules and regulations which apply to credit unions. One would assume she is faithfully doing just that.You'll note in the directory there are 29 state-chartered credit unions remaining in North Carolina The website of each CU is listed.
If you peruse the websites, you'll find if you live in Western North Carolina you can open your business checking account at Champion CU [link Champion CU], in Charlotte over at Nova CU [Nova CU] , in the east at Telco Community Credit Union [Telco Community CU] or at Weyco Community CU [link WEYCO]. Perhaps you need merchant services or a business Mastercard debit card, then Mountain CU [Mountain CU] is your place. Get a "Micro business loan" at Latino CU [link Latino CU] in Durham. Need a business credit card, try Piedmont CU [Piedmont Advantage CU], serving everyone in Greensboro, Winston-Salem, Charlotte and well beyond!
Haven't even mentioned North Carolina's most illustrative and innovative small business financial lender ever - which happens to be an N.C. state-chartered credit Union - Self-Help CU [here check them out, too]
😎 What is H.187 really about? Just tell the truth, it won't hurt!
... hate being continually treated like a "pea brain", don't you?
This isn't an issue and no one is saying it is. We have a business strategy ready to go as soon as the core capability is in place, and the business member eligibility rules already exist. Looking forward to competing with banks in this space. It will help towards growth goals.
ReplyDelete10:59 am Funny, in 40+ years at SECU never once heard a member-owner ask about "growth goals" - and neither have you!
DeleteDo you see your problem? Doesn't seem so!
"Looking forward to competing with banks in this space."
DeleteI bet your 'profits' will soar!!! More money for the executives!!!
You're being dramatic, but sure, members don't ask explicitly about growth itself.
DeleteI don’t see this as something that will help current members. The focus will change at SECU to only help those with 750+ credit scores and help the wealthy! The issue I think will be the wealthy will be able to borrow whatever they want while the less wealthier members monies will be used to fund them!
ReplyDeleteGrowth goals are a god thing. SECU made a mistake by ignoring them for 40 years. Can’t offer best-in-class service to the membership or excellent deposit rates without brining in enough income to do so.
ReplyDelete12::50pm Think some of us worship a different "god" than yours - growth! Members have never worshiped that "god" either.
DeletePrior to 2021, looks like ignoring the "god' of growth worked pretty well. not so much since...
Check the facts!
Because you say, ‘I am rich, have become wealthy, and have need of nothing’—and do not know that you are wretched, miserable, poor, blind, and naked— ...
Delete1:34 new / new is charged with growing the hard way from now on. easy to grow when all you do is buy deposits and lend to sub-prime consumers, by dredging the market with below market rates for above market risks, and giving out high LTV, high risk home loans. That's your model, but we're fixing it. Gonna have to growth the hard way this time.
DeleteThe comment at 5:21 is a perfect example of what we have dealt with internally since 9/1/21. That is the Hayes/Bomba/New/New narative. Total lack of respect for those who built this place the right way. It's the "crazy old guys fault", right??? Thats what we've been told for almost 4 years now.
Delete@7:06pm the reality is that if SECU continued following the old ways, it would be crumbling
DeleteThe same people who said they were going to change the 1976 (or whatever yr they falsely claim) tech core in 18 months and 4 + years later they still can't figure it out ...
Delete@12:24 - Nothing was crumbling till you guys showed up and ruined everything. Facts bare it out as opposed to your looney opinions.
Delete1224 nobody ever said you shouldn't look to improve, but don't throw out the baby with the bath water ...
ReplyDelete