The North Carolina House Finance Committee met today for further consideration of H187 "CU Update"
If you missed the session, don't despair as it was very brief and there is much more "conversation" to come! Here's a brief synopsis:
1) The principal sponsor of H187 is Representative Julia Howard [link], who also was the principal sponsor of the 2023 session bill (H410), which failed. Representative Howard presented a brief summary of the provisions of H187 and acknowledged that H187 is basically identical to H410 [link].
2) So, the issues of a) open membership (including all corporations!), b) unconstrained corporate/commercial lending, c) the export of N.C. jobs and capital from rural and urban communities, and plus d) authorization of speculative investments - including "crypto" - remain on the table this year.
3) One committee member asked pointedly "how one could any longer tell the difference between a commercial bank and a credit union?" The answer was not clear.
4) Committee member, Representative Deb Butler [link] brought up the issue of tax exemption for credit unions as seeming to be less justified, as well as other imbalances in rules and requirements. So the tax issue will be front and center.
5) The bill was approved to move forward for further consideration.
😎 Interestingly, Rep. Butler specifically mentioned "our beloved State Employees Credit Union", while hammering on the tax issue. Further proof that SECU's reputation has not been destroyed by the last 4 years.
..."not been destroyed"... at least not yet!
