Election night granted credit unions in Texas regulatory relief with home equity loans and the ability to have prize-linked savings accounts.
Constitutional amendments Propositions 2 and 7 both passed, with 68% and 60% of the vote, respectively.
"We at Cornerstone are over the moon with excitement about the victory that credit unions enjoyed with Tuesday's election,” Caroline Willard, president and CEO of Cornerstone Credit Union League, said in a statement. “I couldn't be prouder of our advocacy team of Jeff Huffman and Jim Phelps, who moved mountains to first get the two initiatives on the ballot, and then to work side-by-side with CUNA to push them through to victory.”
The Cornerstone league serves credit unions in Texas, Arkansas and Oklahoma
Willard credited large part of the win to the monetary support and expertise of Richard Gose, the Credit Union National Association’s chief political officer.
"Thanks to the efforts of CUNA, Cornerstone and credit unions, two ballot initiatives passed that will allow greater access to home equity lending and encourage more Texans to build their personal savings,” Jim Phelps, Cornerstone’s chief advocacy officer, said in a statement. “This outcome would not have been possible without robust grassroots support from credit unions that educated their members on the ballot initiatives and urged them to get out the vote."