A reasonable request.
✅ Credit unions confront a surge of questions over accountability, transparency, and credibility - and not just in North Carolina!
Let's try a slightly different take on H.187 today. Here is the key talking point - those "financial deserts" - being used by the CCUL to sway legislators opinion:
😎 Source: BNC [link] - " The Carolinas Credit Union League (CCUL) is pitching the legislation [H.187] 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 under-served “banking deserts” and serving people living at or below the poverty line, according to Dan Schline, the league’s president."
😎 “Credit unions have been serving North Carolinians for more than 100 years," added CCUL President and CEO Dan Schline. "This bill reflects our continued advocacy for expanding financial access where it’s needed most."
Here's the rub: Every citizen of North Carolina, in every North Carolina county and community, whether living above or below the federal poverty line is already eligible to join multiple credit unions - and has been able to join for years!
😎 Why do these "financial deserts" continue to exist in North Carolina? Why haven't credit unions stepped up to solve the problem?
Here's how credit union critics challenge our credibility: "Although credit unions are supposed to focus on people who are “under-served” and of “modest means,” they are not required to collect data or report on their progress in meeting this mission. Studies show that credit unions increasingly serve upper-income ." - The Tax Foundation (2024).
✅ Would the Carolinas' Credit Union League have any problem with adding a requirement within H.187 for credit unions to open and maintain branches to serve these " financial deserts"? It would be useful for credit unions to also report annually on the progress made to resolve the "financial desert" problem! Okay?
Why duck? Anything at risk from a little "put up or shut up"... other than our credibility?
