[3/13/2025]
Here We Go Again!
From BNC: "For
the second time since 2023, North Carolina’s credit unions are trying
to convince lawmakers to rewrite state law governing how the
member-owned institutions operate." [For Full Article see here]
"Last month’s introduction of House Bill 187 [link to bill] has rekindled opposition from the North Carolina Bankers Association. The group's CEO, Peter Gwaltney, says the legislation “completely changes the purpose of what a credit union is designed to do, which is to serve people of modest means who share a common bond.”
"Support in the state House for nearly identical legislation didn’t carry over to the Senate last year. If enacted as currently written, the bill would “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 the similar examination and supervisory standards to banks,” Gwaltney says".
"The Carolinas Credit Union League ptiches the legislation as a way to restore financial services to economically distressed communities vacated by traditional banks. It’s seeking looser requirements for people to join nonprofit credit unions, creating opportunities for expansion into underserved “banking deserts” and serving people living at or below the poverty line, according to Dan Schline, the league’s president."
😎 For a chuckle, check here to see Mr. Schline's "banking desert" location in Western North Carolina! [link to the "desert"!]
😎 For a business/ commercial lending desert, check out Raeford, N.C. [link]
😎 For a refresh on the sleight-of-hand in the bill, here's the synopsis of the prior bill . [link H410]
.... why not simply tell the truth?
