Houston we have a problem.
If you've been reading along about the "widows and orphans, Tier 1 counties" discussion in H187 [link], you might wonder what all the fuss is about [link]? Let those poor folks join for heavens sake!
Unfortunately the H187 "Credit Union Update" bill before the N.C. Legislature has little to do with all that [link]. H187 is about changing North Carolina law to permit open, anyone-can-join membership and commercial banking and investment authority to North Carolina credit unions [link]. Those changes do not conform with the original purpose nor principles of a credit union, nor do they conform with existing North Carolina law.
Following the laws of our State is not "optional" last time I checked. But having failed for years to get its way on open membership in the North Carolina Legislature, the Carolinas Credit Union League (CCUL) decided to make up its own rules on open membership. CCUL has a wonderful charitable arm - The Carolinas Credit Union Foundation - which helps many worthwhile causes. The CCUL has added "another benefit" for contributing to the Foundation - open credit union membership in North Carolina!
❋ Here take a look at an actual example of open membership - courtesy of CCUL - from a credit union website:
✅ "Carolinas Credit Union Foundation: "You can become a member of ("XXXX") Credit Union and support an excellent cause!"
😎 "("XXXX") Credit Union is proud to partner with the Carolinas Credit Union Foundation. If we cannot qualify you in any other capacity, we will donate $15 to the Carolinas Credit Union Foundation in your name!"
😎 "How does the ("XXXX") CU & Carolinas Credit Union Foundation partnership work?"
"If you do not qualify for membership or as a family member, you can still open an account with us by becoming a Friend of the Foundation."
- When you open your account, let us know you are interested in joining as a Friend of the Foundation.
- We donate $15 to the Foundation at account opening for you to become a Friend of the Foundation.
- We will report your membership to the Foundation and you are in!
- Once you’re a ("XXXX") CU member, your immediate family becomes eligible for membership also.
"No. After your year of membership in the Foundation has expired, it is not necessary. Once a member of ("XXXX") CU, you're always a member!"
So, no this not about "widows and orphans"... it's about ethics and integrity.
