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?
Why do they need this bill so badly is the correct question? Appearance is someone wants to cash in on the members money--just like the Savings and Loans. Credit Unions are ripe for the pickins; it is already happening in other places. SECU is a real plum with billions of $$$ at stake, a board who refuses to listen to members, and an ELT run by a pack of lawyers. What could go wrong?
ReplyDeletethat's why 'they' waited in the wings until JB & ML retired ... then it was time to wheel in Gym ...
Delete85 years of trust and soundness is sooooo old/old ...
ReplyDelete85 years of trust and soundness sounds great to me!!! The old/old, as in the case of SECU, represents leaders who fought banks for the tax exempt status and who committed to helping members financially. Got to be 2nd largest credit union in US by doing the right thing. When you lose focus on helping the undeserved, then the almighty buck/greed poisons the core of the organization. Humanitarian endeavors feed your soul, and greed/pride leave it empty. We are proud of those 85 years...sorry that bothers the new/new.
DeleteWhat evidence is there that SECU hired lobbyist? Is this another “Super Bowl ad” claim?
ReplyDelete10:33am
DeleteMuch like the Super Bowl ad you need to check your sources and make informed comments...
Here's your homework: https://www.sosnc.gov/online_services/Search/lobbying_profile/8130377
10:33am
DeleteKnow you appreciate the guidance... this will make it easy for you:
https://www.sosnc.gov/online_services/Search/lobbying_details/58326
“Reality is that which, when you stop believing in it, doesn’t go away.”
DeletePhilip K. Dick
And McKinley Wooten is leading the charge! He knows better...His mama would be ashamed
ReplyDeleteLawyers Helping Lawyers ...
DeleteFYI this is the new/new replacing 'People Helping People' ...
Deletesneaky bunch aren't they ...
ReplyDeleteI especially like this part. "Streamlines the procedure to expel any member and provide a right
ReplyDeleteto appeal to the credit union's board." Wonder who they might target with that? LOL.
Business North Carolina has an article about the attempted Hail Mary: https://businessnc.com/n-c-senate-blocks-credit-unions-deregulation-drive
ReplyDelete