✽ North Carolina state-chartered credit unions are monitored and regulated principally by two agencies:
... the legal regulator under N.C. law.
... the Federal insurance regulator.
✅ Under the new Administration in D.C, the NCUA recently "welcomed several surprise visitors":
"CUToday [link] : "ALEXANDRIA, Va.—The Department of Government Efficiency (DOGE) entered NCUA headquarters Thursday, CUToday. info has learned. As CUToday has reported, the Trump Administration has charged every government agency with reducing expenses, and has been discussing combining federal regulators."
✅ CEO Dan Schline of the Carolinas Credit Union League (CCUL) theatrically continues to yell "🔥 Fire 🔥" in the NC Legislature that "North Carolina CU statutes have not been updated since 1975" (not precisely true, but makes great headlines!) In fact, the first four pages of the nine page H.187 bill involve opaque scribblings increasing fees & penalties, reporting requirements and expanded authority for the Administrator over credit unions [here take a look]. Is more regulation the "answer" for North Carolina at this time? Is that why North Carolina credit union laws need an "Update"?
😎 You might want to take a look at the just released 2024 Annual Report of the CU Administrator [link]. It contains some interesting information. The total number of state-chartered credit unions has plummeted to 29 (as a result of merger and liquidation). Six of the 29 credit unions suffered a financial loss in 2024 (none major nor of concern). The CU Division appears to have at most 10 employees to supervise and examine state-chartered credit unions with $59 billion in assets - including the $53 billion at SECU.
In the past, North Carolina had three financial institution regulators - the Commissioner of Banks, the Savings and Loan Division, and the Administrator of Credit Unions. When mergers and liquidations resulted in the decline in the number of S&Ls, the S&L Division was merged into the Commissioner of Banks.
That combination of agencies strengthened the expertise and examination resources available, created greater efficiencies by consolidating duties, and reduced the pace of escalating costs.
😎 Should our Legislature take a deeper look - before adding on greater fees, penalties and control authority - at what type of "CU Update" is really needed?
... after all credit union laws "haven't been updated since 1975".
** "SOSO" - Same Old ,Same Old.
