Country road in rural North Carolina. (Credit/AdobeStock)
The North Carolina House of Representatives passed the Carolinas Credit Union League-backed House Bill 187, which, if enacted, would remove barriers to credit union membership for individuals living in the state’s banking deserts.
Following Wednesday’s affirmative 101-11 vote, the Carolinas Credit Union League (CCUL) praised the House’s passage of the bill, which was sponsored by Reps. Julia Howard (R-N.C.), John Bell (R-N.C.), Jennifer Balkcom (R-N.C.) and Ya Liu (D-N.C.).
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“We know that when communities don’t have access to branches, consumers turn to high-cost lenders like check cashers and finance companies,” Billy Boylston, SVP of advocacy for CCUL, said. “Credit unions in North Carolina and across the country want to serve these communities that banks are leaving behind – that’s what our work on this bill is all about.”
The bill, intended to help credit unions serve residents in communities with no nearby banking access, would redefine credit union membership, which is currently limited to people in defined groups such as an employer or association affiliation. For example, membership would be open to “persons having a common bond of similar occupation, association or interest” and “persons that reside within an identifiable neighborhood, community or rural district,” according to language from the bill. It would also open membership to “societies, corporations, and other entities” that are “controlled primarily by individuals eligible for membership.”
“This is straightforward for me,” Rep. Howard said of House Bill 187. “Bank branches are leaving rural North Carolina, and we have credit unions that want to better serve those communities but need government permission to do so. This bill grants credit unions that permission.”
According to CCUL, over the past decade, North Carolina’s most economically distressed counties have lost nearly 40% of bank branches, with about 650 fewer branches statewide than in 2013. It added that some counties, primarily in eastern North Carolina, now have as few as six branches combined, down from 27.
“Credit unions have been serving North Carolinians for more than 100 years,” CCUL President/CEO Dan Schline commented. “This bill reflects our continued advocacy for expanding financial access where it’s needed most. We appreciate the House’s strong support and look forward to advancing this measure further.”
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