SECU What's Next? Stuck In Legislative Limbo!

 

 H187 embedded with "the revenuers"!

June 30 has about come and gone; but our Legislature has failed to reach agreement, by that hoped for deadline, on our State budget

Probably a very wise move not to rush forward, given all the cutbacks which may be coming out of D.C. very shortly. Many sectors of our State government, the university and school systems, and social network services face great uncertainty. Popular oxen will be gored...

So the Legislature will be back sometime later this summer to finish up. The pause leaves  H187 - "The Anyone, Anywhere, and Anything Goes Credit Union Act" stalled in the Secretary of Revenue's S595 budget, clean-up bill. Stay tuned... a budget will get approved. 

Whether our Legislature believes passage of H187 is an essential part of that required all-North Carolinians' budget package will be interesting to follow.

😎 Given all the on-going critique of the tax-exempt status of credit unions, not sure that seeking shelter under a state tax bill (S595) is a prudent "strategic plan"... somebody might get ideas.

 

  Why does SECU need this bill so desperately...  ??

 

SECU What's Next? "The Trusted Advisor" For North Carolinians?

   The North Carolina Legislature

As you've read, the Carolinas' Credit Union League and SECU lobbyists are having a difficult time convincing NC elected representatives to pass H187 - "The Anyone, Anywhere, and Anything Goes Credit Union Act"[link]. 

It has been 3 years and the "long session" [link] is set to end July 1, 2025.  The "widows and orphans" gambit [link] hadn't worked, the "financial deserts" pitch [link] was drying up, and the rural county "crocodile tiers" angle [link] lacked bite. Time seemed to be running out! A "Hail Mary!" was needed - and quick!

At the end of a legislative session, many bills are sent forward to tweak or correct minor discrepancies in existing rules, regs, and budgets. State agencies in particular are given a one-off opportunity to make adjustments. Nothing which is substantive or controversial is usually included in these "clean up" bills.  Quick action, taken on faith, git r'dun type stuff.

One example this year was the "Make Elevators Great Again Act" which permitted the State Secretary of Labor to modernize the code on inspecting elevators!  Another was the following bill (S595) submitted by the State Department of Revenue: 

  

✅ Remember the House and the Senate both must concur on the same bill language for it to pass.

1) Here take a look at  S595 as passed by the Senate on 6/22/2025 and sent to the House for concurrence:

[link] A 9-page bill submitted on behalf of the Department of Revenue dealing with "Various Revenue Laws Changes".  Looks clean! Just revenue, tax law stuff.

2)  Now take a look at S595 as passed by the House on 6/24/2025 at the behest of the Department of Revenue dealing with "Various Revenue Laws Changes" [link].   Look closely - hint try page 10!

3) The Senate was not fooled and on 6/26/2025 did not concur.

Governor Josh Stein appointed Mr. McKinley Wooten, Jr. as the State Secretary of Revenue in January, 2025.  Mr. Wooten has been a highly-regarded and effective leader in NC state government for over 30 years - certainly as an experienced lawyer he knows the ropes! He has also served on the SECU Board of Directors for a quarter of a century.

😎 If not a slither; at best an unusual approach...

  Why does SECU need this bill so badly... is it worth a reputation?