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Texas Voters Support Two Constitutional Amendments Benefitting Credit Union Members
Wednesday, November 8, 2017 7:00 AM

With 99.79 percent of precincts reporting as of this morning, Proposition 2 is on track to pass with 69 percent of the vote and would go into effect in early 2018, once the interpretations are adopted by the Texas Credit Union Commission. Prop 2 updates the law regulating home equity lending.

Proposition 7, allowing credit unions and other financial institutions to offer prize-linked savings accounts, has 60 percent of the vote and would become effective once the vote is canvassed, a process expected to be completed by mid-December.

Credit unions worked for passage of these amendments and got engaged to inform their members about the propositions and how the propositions would benefit them as borrowers and savers. Polling had shown that the odds of passage went up significantly if voters knew more about the amendments than the language on the ballot told them. Many credit unions put information out through a variety of channels to educate their members. 

"Credit unions did a great job working to pass both measures," said Caroline Willard, president and CEO of the Cornerstone Credit Union League. "I appreciate the support of our member credit unions, league staff, CUNA, and the other associations working together to pass these two amendments which will help borrowers and savers in Texas."

Credit unions fully engaged in educating their members who were registered voters and getting out the vote to pass these important changes that will benefit credit union members across the state.

CUNA and the Cornerstone Credit Union League were partners in the education and GOTV efforts. The campaign for Props 2 and 7 included direct mail to targeted voters, emails to credit union members registered to vote, websites for both Props 2 and 7 to educate voters, a Facebook presence, and advertising for both measures.

Cornerstone also worked with the Texas Association of Realtors, Independent Bankers Association of Texas, Texas Mortgage Bankers Association, and the Texas Bankers Association on the campaign to pass Proposition 2.

"Our credit unions responded when we asked them to help with this campaign and get the word out to their members," said Texas Credit Union Association President Jeff Huffman. "We especially appreciate the leadership of Rep. Tan Parker for passing SJR 60, Rep. Eric Johnson for passing HJR 37 in the Texas House, and Sen. Kelly Hancock who passed both resolutions through the Texas Senate. The Texas Legislature is providing more options for Texas borrowers and savers by passing these two additions to the Constitution." 

The Credit Union Department and the Finance Commission have drafted proposed interpretations, which will be published for comment in the Texas Register, to implement Prop 2. Once adopted, the home equity changes become effective.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.