Had mentioned in a prior post [link] that CEO Dan Schline, of the Carolinas' Credit Union League (CCUL), was running a "widows and orphans" hustle within H.187 "Credit Union Update". Some folks asked what's that?
😎 A "widows and orphans clause" is used in politics to distract attention from the unsavory parts of proposed legislation one is pushing.
In addition to phrases which purport to protect widows and orphans; you often also pack in clauses which support veterans and the flag, praise
Motherhood and apple pie, salute God and Country, and promise to "level the playing field". If you're in North Carolina, you always try to throw in support of NASCAR and BBQ for good measure!
The idea is to try and "set up" your opponents as heartless, greedy, selfish folks. The type of people, who not only won't support your "fair and reasonable" bill; but, also the type of opponents who would put widows and orphans out on the street, " diss" God and Country, hate your Mother and apple pie, eat quiche and don't know who drove the "#3" car. Got it?
😎 Last year with the failed H.410 "CU Updates" bill, CCUL's widows and orphans hustle read as follows:
✱ Proposed language from failed H.410: "... any credit union organized under Articles 14A to 14L of this Chapter may also permit membership of the following located in this State: (1) Individuals and families that earn income at or below the federal poverty threshold. (2) Women-owned or minority-owned businesses. (3) Under-served areas, as defined by the Federal Credit Union Act."
There you go! with Dan Schline and the CCUL hoping to imply that opponents of H. 410 are against 1) poor folks, 2) women, 3) minorities, and of course 4) folks living in "under-served areas" - those famous "financial deserts" - which upon closer inspection are mainly national and state parks, bogs, swamps. and wildlife refuges.
✱ Proposed language in the "new" H.187 CU Update bill - that "widows and orphans" gambit - has changed to: "To facilitate the provision of financial services to under-served populations and communities, a credit union organized under Articles 14A to 14L of this Chapter may also permit membership of the following located in this State:
(1) Individuals and families that earn income at or below the federal poverty threshold.
(2) Persons residing in census tracts in North Carolina where the center of population, as defined by the United States Census Bureau, is more than 8 miles from a bank branch, as defined in G.S. 53C-1-4."
.... so once again while our State Legislators are misled with another "widow and orphans" hustle ...
😎 Mr. Schline within the H.187 bill is still trying to pick North Carolina's pockets with language which also:
- Removes all limitations on individual membership in North Carolina credit unions,
- Adds unlimited membership and commercial lending for state, regional and national corporations.
- Authorizes higher risk investment of member funds outside of North Carolina.
- Encourages the export of jobs and capital outside of North Carolina.
- Further dismantles member-owner rights and controls over N.C. credit unions.
.... while laughing at us and the State Legislature... all the way to the "new/new" bank!
What's wrong with other investments types, and what's your point about investments outside of N. Carolina? Your whole investment book was in US Treasuries - that's not an investment kept in the state of NC.
ReplyDeleteHow does it encourage the export of capital and jobs outside of NC?
Inside Job (2010) ...
Deletebut it'll never happen to us ...
"fool me once, shame on you; fool me twice, shame on me"
ReplyDeleteSECU created a Marketing Department right when they were backing the first version of this bill. After almost a century of growth without a Marketing Department, why else would they need one now? Open Membership.
ReplyDeleteThe whole world can apply ... next up Mars!!!
DeleteYou think CCUL and bill sponsors invented a new way to write a bill? If someone votes no, that means they don't support more financial services access to those below the poverty level. Simple fact.
ReplyDelete11:23am So you're saying that a vote against H.187 is vote against "poor folks" in N.C...
DeleteAppreciate you confirming your view of the tactics... kinda trashy, but perhaps that's where we are with CUs these days.
No. You just said that actually. Re-read 11:23 and tells us where it says it's a vote against poor folks. It's not against people, it's about financial access for people. Not the same thing.
Delete5:26 pm "If someone votes no, that means they don't support more financial services access to those below the poverty level. Simple fact. "
DeleteSorry, thought the meaning of your statement was pretty clear !
LOL yeah I'm sure they are worried about people below the poverty level ... if that were the case why did they introduce RBL?
DeleteThe language in the bill is plain and misleads no one. It also in no way whatsover allows total open membership to all NC citizens and all businesses in the US. Quit lying about it. Please show the language which "removes all limitations" of individual membership for individuals (that assertion contradicts the language in #1 and #2 doesn't it?).
ReplyDeleteWhy not ask honestly? Then CEO Schline and the CCUL would not have to concoct a "Friends of the Foundation" scheme to create its own law on open credit union membership.
DeleteSee: https://www.secujustasking.com/2025/04/carolinas-credit-union-league-h187_01638580544.html
That "Friends of..." ruse is not "a good look" integrity-wise for credit unions.
2:52pm For those who don't understand the import of the 1981 N.C. Supreme Court ruling, it basically said that North Carolina credit unions may organize to serve 1) an employer group or 2) a community or 3) an association. The key decision was the "or"! Credit unions could serve any one of the three type groups, but are limited to choosing just one.
DeleteHere's what H.187 does
✅ "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. "
That's the weasel "hidden" in H.187.
11:25am Sorry you're dead wrong. The CCUL weasel bill H.187 does permit open membership for all people and all corporations in N.C. credit unions.
DeleteBut don't believe me ask the N.C. Supreme Court. Here's where you'll find the former post and the Supreme Court opinion; https://www.secujustasking.com/2023/04/without-passage-of-h-410-secu-can-not.html
You may be missing the point in one other more important way also.. Perhaps credit unions should be allowed to serve anyone and everyone, I haven't said that shouldn't be considered, maybe it should.
My objection is to the weasels who are trying to play the Legislature and credit union members for fools. No one likes to be fooled by underhanded tactics in any setting.
Why not be honest, stop weaseling and just ask our Legislature to give credit unions the right to serve all people? If it's a sound idea and good for N.C. - especially widows and orphans - why wouldn't they approve it?
Not being honest, using slippery tactics in pursuing the goal is ruining the reputation and credibility of credit unions with the people of North Carolina. Not sound politics, nor fair a business practice.
In Response to a comment by Unknown
Do the credit Union laws need updating in NC? Perhaps. But do we need open membership? Absolutely not! To equate a need to update the laws with a need for open membership is not a fair argument on the part of the CCUL.
ReplyDeleteNot to be a troll here, but that widows and orphan gambit sounds a lot like some of your previous arguments against RBP.
ReplyDeleteGuilty! Don't like over charging w&o's through risk based pricing...
DeleteSame elitist mentality. It's your fault you're a w&o and don't give me any sob stories about why that can cause financial problems.. it's still your fault!
Now, if I can get open membership by "promising" to help you if you live in a Tier 1 county... well of course that's a different story.
It's all about "we" you know..
GLOBALIZATION IS THE ECONOMIC
ReplyDeleteTREASON THAT DARE NOT SPEAK IT NAME.
- PAT BUCHANAN
this is where we're heading ...
Ask a simple question. Today, if a citizen lives in Raleigh and they don't meet SECU membership eligibility and they are above the poverty line - if the bill passes, what language in the bill allows that citizen to be suddenly eligible for SECU membership?
ReplyDeleteSee 3:33pm above. H.187 eliminates the 3 distinct, separate categories and allows a CU to combine all 3 (which is currently against NC law)... so yes everybody in Raleigh could join regardless of social status ... or in SC... or China!
DeleteFace the facts!
But the CEO says SECU is not pursuing open membership--well maybe just for corporations?
ReplyDelete