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Nov. 7 Election Historic for Texas Credit Unions
Thursday, October 5, 2017 7:00 AM

Prop 7 banner

Texas voters will see two constitutional amendments on the ballot on Nov. 7, 2017, that will benefit credit unions and their members if passed. This is the first time in Texas history that two amendments to the state constitution are on the ballot impacting credit unions. Prop 2 will give home owners more flexibility and options with home equity loans, and Prop 7 will allow credit unions to offer prizes to encourage savings.

The League has produced materials to help credit unions make their members aware of the measures and get out the vote. Graphics for credit union websites and Facebook pages and pin-backed campaign buttons and stickers supporting Prop 2 and Prop 7 are available. Credit union staff can wear the campaign buttons or stickers when interacting with members or in lobby operations to help get out the vote.

To get web banners, campaign buttons, and campaign stickers for your credit union staff to support Prop 2 and Prop 7, contact Charlotte Spencer at cspencer@cornerstoneleague.coop.

Turnout will be critical for this election, as only about 1 million voters are expected to vote. Early voting begins Oct. 23 and runs through Nov. 3. Election Day is Nov. 7. Deadline to register to vote is Oct. 10.

Proposition 2 updates the Home Equity Lending Law, which is in the state constitution and can only be changed with voter approval. It makes four significant improvements to home equity

Texans for Prop 2
loans:

  • Homeowners will now be able to refinance a home equity loan into a conventional loan.
  • Borrowers will have more flexibility with advances on home equity lines of credit.
  • Homeowners will have more access to these loans due to changes in the fee classifications. Excluding fees paid to third parties, such as appraisals, from the 3 percent cap and dropping the cap to 2 percent will make getting the loans easier, especially small loans.
  • Farm and ranch homesteads will now be eligible for home equity loans.

Proposition 7 will allow credit unions and financial institutions to offer prizes to encourage people to open savings accounts or save more in their accounts. It’s a simple idea. The more money they save, the more chances they have to win prizes.

The key to passing both amendments will be educating the 1 million or so Texas voters who will decide which amendments will pass.

You can also visit Texans for Prop 2 and Prop 7 for Texas to get more information on both ballot measures.

Contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop if you have questions about either Prop 2 or Prop 7.

Political advertising paid for by the Texas Credit Union Association Legislative Action Fund.