If The N.C. Credit Union Division Doesn't Interpret State Credit Union Laws, Who Does?

Ms. Kristina Ray, Administrator of N.C. Credit Unions  kristina.ray@nccud.nc.gov

October 25, 2023

Dear Ms. Ray,

Thank you for your October 19, 2023 response. In our letter of October 9, 2023, we asked two questions:

Q: 1)  Is the N.C. Credit Union Division required  by North Carolina law to monitor and enforce compliance by state-chartered credit unions with their bylaws?

Q: 2)  May a N.C. state-chartered credit union adopt rules, policies and procedures which effectively amend its bylaws without approval by the NCCUD? 

Your response on October 19, 2023 was as follows:

"Among other responsibilities, the North Carolina Credit Union Division (NCCUD) reviews North Carolina state-chartered credit unions ’bylaws for compliance with required information outlined in North Carolina laws, rules, and regulations. Each credit union’s bylaws contain procedures for requesting amendment approvals from the NCCUD Administrator. Additionally, some provisions within the standard form bylaws, which may be used by credit unions as guidance, allow for the credit union Board of Directors to adopt policies and procedures, as long as the membership is notified within a specified time frame before becoming effective. The Administrator approves or disapproves proposed bylaws amendments after a thorough review of the request. If you have additional questions relating to this matter, consult legal counsel."

✅ As laypersons, we are concerned that we may not fully understand your response. It seems clear that your answer to Q: 1) is "Yes" - is that correct? It would appear that you did not answer Q: 2). Would you please clarify your answer for us: "Can a state-chartered credit union adopt policies and procedures which amend its bylaws without approval of the Administrator?"

Would also ask why you continue to suggest that we hire legal counsel to answer these questions? The N.C. Credit Union Division - and you as Administrator, with the help of the Attorney General's Office - are the parties designated by the State Legislature to interpret and enforce State Statutes governing credit unions.

Look forward to your answer to a simple question first asked over 90 days ago.

Sincerely,

Jean and Jim Blaine

SECU - The Annual Meeting Strike 2.3: Women Can't Think (Or Speak) For Themselves...

   ... Ms. Brady nose the truth!

“… Let me be clear on that group of members; 28 of those 32 were SECU retirees,” said Brady. “These were members where Blaine gave them a sheet of paper and said ‘You read this. [link CUToday article]

 

Although the previously noted three female speakers at the SECU Annual Meeting were not "SECU retirees", thought in fairness I should include at least one.  Sue Avery Douglas grew up in the N.C. mountains around Morganton - and never got over it. You know how those N.C. mountain folks can be sometimes. 

Sue Douglas is not known for being shy nor uncertain about sharing her opinions with people. And, generally being the most knowledgeable person at the table about SECU that could be problematic; as she suffers fools lightly and takes no prisoners in debates. I speak from experience with scars to prove it. 

But, her colleagues forgave her because 1) she usually was right and 2) we always knew where her heart was.  Sue Douglas believed in SECU - its members, its purpose and its employees - unconditionally.

Sue Douglas spoke extemporaneously at the 2023 Annual Meeting. Here's what Ms. Douglas had to say:

  "Hi! I am Sue Douglas, retired after 47 years at the State Employees' Credit Union. I personally know the majority of the employees in this room and the Board members at the table. I am scared to death at what I see happening to my Credit Union right now.

 I am more scared to see how many of the people sitting at these tables are not aware of some of the things that are happening. Risk-based lending - those who do not need good rates get the best rates, credit cards that give rewards to those who never pay a penny of interest on that credit card. These are facts, you can go look it up yourselves. 

But it scares me to death to think of the number of people sitting in this room who are just happy with how the Credit Union has been for so many years. I ask you to open your eyes to pay attention to what's happening whether you are an Advisory Board member or an employee. 

Things are changing and it's time for the members to take back this Credit Union.  Thank you."

 

... I had to transcribe the above from the video [link at 1:39:56], because evidently I forgot to write it down "when I made it up" according to Ms. Brady. (I'll try to do better next year!)