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Election Day in Texas Is Tomorrow
Monday, November 6, 2017 6:55 AM

Tomorrow is Election Day in Texas, and your vote matters. Two of the seven constitutional amendments on the ballot will impact credit unions, giving borrowers more choices and more flexibility with home equity loans and giving savers new incentives to start saving or save even more.

Proposition 2 updates the home equity lending law. If passed, home equity loans can be refinanced as mortgages, home equity lines of credit will have more flexibility with advances, the fee cap adjustment will make it easier to obtain small loans, and farms and ranch owners will have the option to make home equity loans, something that is prohibited now.

Proposition 7 will allow credit unions and other financial institutions to offer an incentive to save more money. Depositors will gain chances to win prizes with every deposit of a minimum amount of money. The funds are never at risk and can be withdrawn just as with other savings accounts.

Texas credit unions, the Cornerstone Credit Union League, and CUNA have been working to make voters aware of the amendments and encourage them to Get Out and Vote. Only an estimated 1 million voters will turn out for this election and determine if these amendments pass. Make sure one of those votes is yours.

Find more information on proposition 2 here and on proposition 7 here.

Click here to find your polling place and other election information.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or Political Advertising paid for by the Texas Credit Union Association Legislative Action Fund.