SB 21-22: Credit Unions Are Good Act (Final Vote)

[Southern Senator North Carolina Yankee]

While I would prefer to wait for the sponsor, the one question I would like to get out there is does allowing the purchase of these assets undermine the security of credit unions?

[Southern Senator North Carolina Yankee]

While I would prefer to wait for the sponsor, the one question I would like to get out there is does allowing the purchase of these assets undermine the security of credit unions?

[Southern Senator North Carolina Yankee]

Does this include allowing them to buy Mortgage backed securities? Either intentionally or unintentionally?

[Southern Senator North Carolina Yankee]

The underlying purpose here is sound I think, which is to ensure that we crafting policies to help smaller banks and credit unions as opposed to burdening them in a manner similar to or even worse then big banks. Big finance is crooked, who knew?

As for solving the concerns about mortgage backed securities, I think we can probably deal with that more generally in a subsequent bill (similar to the outline I brought up in the Too Big to Fail bill) preferably one not debated at Christmas time when attention spans on the minute details of banking regulations are going to naturally find themselves wanting for attention of the members.

With that said, I am fine with proceeding to a final vote if everyone else is.

[Southern Senator North Carolina Yankee]

I am going to go ahead and motion for a final vote on this one. I don't think we are in a position to deal with various complexities of financial laws during this holiday season and my hope is early in the next session to be able to advance a bill that deals with other aspects of financial regulation.

[Southern Senator North Carolina Yankee]

AYE