October 20, 2017
UFCU Supports More Options for Credit Union Members
University Federal Credit Union, Austin’s largest locally-owned financial institution, continues to further their mission of providing for the well-being of their Members. Many UFCU board members and employees will vote yes on two very important non-partisan propositions on the November 7 ballot. These propositions really matter to Members at UFCU, as well as credit unions all over Texas. These proposed amendments to the Texas Constitution would enable Texas credit unions to provide more financial options for their Members.
Proposition 2 modernizes the home equity lending law. This proposition will give Texans more access to the equity in their homes and increased 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, credit unions will have more options for home equity loan products. This will give credit union Members with ranch and farm homesteads 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 about why this amendment is good for Texas credit union Members and their families.
Proposition 7 will provide Texas families with more opportunities to save so they can avoid using high-interest alternatives, like payday loans, 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 proposition will help raise family savings rates in our state. The best part is that a prize-linked savings account is no less secure than a traditional savings account. Consumers can control their accounts and withdraw money as needed. If Texas voters pass Proposition 7, consumers could save dollars and positively impact their budgets.
Visit the Prop 7 for Texas website for more information on how this amendment can improve the financial security of Texas families.
Every Vote Counts
Early voting runs from October 23 until November 3, and Election Day is November 7. UFCU Members are encouraged to join the board, employees, and fellow Members in going to the polls and voting YES on both of these non-partisan amendments to provide more financial options to credit union Members in Texas.
Texas Voting Resources
Find Out Where to Vote
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Political Advertising Paid for by University Federal Credit Union