Early Voting Going On Now
I wanted to let you know that early voting starts this week, October 23 and runs through November 3, 2017. There are two amendments on the ballot that can benefit borrowers and savers, Proposition 2 and Proposition 7. I hope you will take the time during early voting to vote for both measures.
These two proposed amendments to the Texas Constitution would allow us to provide more financial options for our members.
Proposition 2 modernizes the home equity lending law. This will give Texans more access to the equity in their homes and more borrowing options while maintaining strong consumer protections. It lowers the fees consumers pay and gives home equity line of credit borrowers new options for refinancing at a lower rate. It allows consumers to combine a home equity line with a mortgage into one conventional loan under the same interest rate.
If Texas voters pass Proposition 2 on November 7, consumers will be able to have more options for home equity loans. It allows folks with ranch and farm homesteads to have access to home equity loans. It also will improve access to smaller home equity loans, especially for low income homeowners or those in rural areas.
Visit the Texans for Prop 2 website for more information on why this amendment is good for your family.
Proposition 7 will provide Texas families opportunities to save more money so they can avoid using high-interest alternatives when they face an emergency. It allows credit unions and other financial institutions to offer prizes to encourage people to open savings accounts or save more money in their accounts. One third of Texas families don’t have savings accounts—this new incentive will help raise family savings rates in our state. There is no risk of losing money deposited in a savings account. Consumers will control all the money they deposit in their accounts and can withdraw it as needed. If voters pass Proposition 7 on November 7, consumers could save millions of dollars for the future.
Visit the Prop 7 for Texas website for more information on how this amendment can improve the financial security of Texas families.
Early voting runs from October 23 until November 3, and Election Day is November 7. I urge you to go to the polls and vote YES on both of these non-partisan amendments to provide more financial options to credit union members.
Lily Newfarmer, President and CEO
Tarrant County's Credit Union
Political Advertising Paid for by Tarrant County's Credit Union
If you have any questions about membership or the credit union, please give us a call at 817.884.1470. We're happy to help!