The North Carolina House of Representatives has passed House Bill 410, which aims to ease restrictions for credit unions in the state. The bill would allow credit unions to expand their membership and services, as well as increase their lending capacity. Supporters of the bill argue that it would help credit unions better serve their communities and compete with larger financial institutions.
Opponents of the bill, including some banks, argue that it would give credit unions an unfair advantage and could lead to riskier lending practices. The bill will now move to the state Senate for consideration.