Credit Unions: The Politics Of Pass/Fail...

   Future getting testy?

✅ Most SECU members received an email from our CEO, Ms. Leigh Brady, requesting that we write our elected representatives about preserving the tax exempt status of credit unions [May 1, 2025 at 6:58 PM]. Political pundits call this type campaign "astro-turfing" because its manufactured - not really "grassroots" politics, but...

Yesterday Todd Harper, former Chair of federal regulator NCUA, didn't mince any words [link]. in pointing out his view of the growing array of failures by credit unions to stay on mission - "People Helping People". Even some state legislatures have begun curbing the tax-exempt status of local state credit unions [link].

😎 What has caused this apparent "change of heart" among our political leaders and seemingly among the public - and many credit union members? Is it that...

A: ◻ Credit unions are using member money to buy multi-million dollar naming rights to stadiums and Super Bowl ads?

B: ◻ Credit unions are using member money to buy commercial banks nationwide at prices above book value? [link]

C: ◻ Credit unions are often circumventing legal restrictions in order to serve anyone and everyone - including major commercial corporations?

D: ◻ Credit unions now hold twice as many commercial loans as member credit card loans?

E: ◻  'Credit unions no longer stand for cooperation, service, and economic justice; the political class knows the truth, can smell the rot?" [link]

F: ◻ Credit union democratic practices and member participation are being marginalized, often eliminated?

G: ◻  Credit union members can no longer tell the difference between a bank and a credit union?

H : ◻ The Carolinas' Credit Union League (CCUL) has pledged to the North Carolina Legislature [as with H.410 in the prior session!] that H.187 is just "a minor Update"?

I: ◻  All of the above?

 

Once "anything goes"... "everything goes"!

 

Well, Since You Asked...

  .... Looney Tunes?

 😎 Commenter: Anonymous May 1, 2025 at 9:01 AM

"I get the problems with H.187 and that pushing for it is asking for trouble right now, but why is there sudden concern over federal taxation? I don't remember the CEO of SECU ever having to send an email to everyone about that. What changed?"

✅ The Brookings Institution is a well-regarded, Washington, D.C. - based "think tank" which conducts research on  a wide range of political, social, and economic issues. They conducted a webinar this morning on credit union issues!

Thought the best answer for the commenter is to let you take a look for yourself at the many concerns credit unions are facing. You'll hear about the firing of two NCUA board members, lack of transparency, abusive overdrafts, purchases of banks by credit unions, off-mission marketing/naming rights,   weak leadership by CU trade associations, mergers, insider dealings, taxation, and the waning of political support as credit unions decline in public opinion . 

✅  Here's where you can watch (might skip over the first 20 minutes or so of introduction to save time): [link].  Good luck, ain't pretty.

😎 Probably much more than you want to know, but don't believe the "Nothing Really", everything's alright type commentary being put forth by our leadership in North Carolina - taint so!   

As you will see...

"What changed at SECU"?  Purpose.