CCUL's "H.187 CU Update Act" - Continuing Misrepresentations...?

   ... watch closely!

✅  If you've listened to the hype "ginned up" on "H.187 The CU Update Act", you may have come to believe that N.C. state-chartered credit unions are prohibited from offering business accounts to their members.  

😎 Well if so, you've been misled - purposefully. Why do you say that? Prove it!

Okay, lets do just that! Start by going to the North Carolina Credit Union Administrator's website [link NCCUD]. The Administrator is responsible for enforcing N.C statutes, rules and regulations which apply to credit unions.  One would assume she is faithfully doing just that.You'll note in the directory there are 29 state-chartered credit unions remaining in North Carolina The website of each CU is listed.

If you peruse the websites, you'll find if you live in Western North Carolina you can open your business checking account at Champion CU  [link Champion CU], in Charlotte over at Nova CU [Nova CU] , in the east at Telco Community Credit Union [Telco Community CU]  or at Weyco Community CU [link WEYCO]. Perhaps you need merchant services or a business Mastercard debit card, then Mountain CU [Mountain CU] is your place. Get a "Micro business loan" at Latino CU [link Latino CU] in Durham. Need a business credit card, try Piedmont CU [Piedmont Advantage CU], serving everyone in Greensboro, Winston-Salem, Charlotte and well beyond! 

Haven't even mentioned North Carolina's most illustrative and innovative small business financial lender ever - which happens to be an N.C. state-chartered credit Union - Self-Help CU [here check them out, too]

 😎 What is H.187 really about? Just tell the truth, it won't hurt! 

 

... hate being continually treated like a "pea brain", don't you?

 

 

 

"H.187 CU Update Act": Unlimited Commercial Lending For North Carolina's Credit Unions

... There is a Difference!

Probably tired of learning about "financial deserts" and some of the other political/legal "ins and outs" which will affect your credit union.

✅ H.187 proposes substantial changes in the laws governing North Carolinas' credit union.  All of the traditional restrictions on membership, commercial lending, and many cooperative, member-ownership and control rights are being eliminated. 

Many large credit unions seek bank equivalent powers to further fuel ambitious expansion plans. This focus on growth has created an uproar at the national level over the fairness of the tax exempt status of credit unions. Historically, the number one complaint of the banking industry has been "the tax exempt" push of credit unions into commercial lending - the "bread and butter" business of banking.

😎 Note below that H.187 eliminates any constraint on commercial lending by N.C. credit unions and will permit unsecured commercial lending without statutory limitation

❇ Existing law: § 54‑109.27. Societies and other associations.
Societies, and copartnerships composed primarily of individuals who are eligible to membership, and corporations whose stockholders are composed primarily of such individuals, may be admitted to membership in the same manner and under the same conditions as individuals, but may not borrow in excess of their shareholdings. Provided, however, secured loans in excess of shareholdings may be made to nonprofit societies, copartnerships, and corporations who are members. (1975, c. 538, s. 1; 1979, c. 809, s. 1.)

❇ Proposed H.187 law: § 54-109.27. Societies, corporations, and other entities.  Societies and partnerships composed of orcontrolled primarily by individuals eligible for membership, corporations owned or controlled by eligible individuals, and other business entities owned or controlled primarily by eligible individuals may be admitted to membership in the same manner and under the same conditions as individuals." [shareholding/secured limitations removed].

 🚩 Isn't it risky - if not reckless - to wave a red flag at a bull!

... yep, pretty "bullish"!