Lakewood N.J. - There has been recent rising awareness that using credit unions presents a serious question regarding the issur d’Oraisa of ribbis.
A letter signed by Harav Hillel David, shlita, Rav of Khal Shaarei Torah; Harav Dovid Feinstein, shlita, Rosh Yeshivah, Yeshivas Tifereth Jerusalem Harav Shmuel Kamenetsky, shlita, Rosh Yeshivah, Yeshiva of Philadelphia; Harav Reuven Feinstein, shlita, Rosh Yeshivah, Yeshivas Staten Island and Harav Shlomo Miller, Rosh Kollel, Kollel Avreichim, Toronto states that one may not be part of or borrow from a credit union.
The letter ends off by saying that since there are possible heterim one should consult his Rav. A majority of today’s Poskim hold that at the very least it would be ideal to have a heter iska, with many saying it is a necessity. First Atlantic (the credit union which finances most Lakewood car loans) has been presented with several solutions which unfortunately were all rejected.
A credit union has the legal responsibility to respond to the requests of their members. According to the bylaws of First Atlantic, if 500 members sign a petition requesting a special meeting they are obligated to comply.
We respectfully request that anyone who is still a member of First Atlantic, regardless of the psak they received, join the petition by sending an email to heteriskapetition@gmail.com so this matter can be resolved as quickly as possible.
Please make sure to write the name, address and phone number that is on file with First Atlantic.
The following is the text of the petition:
Dear Mr. E. John Culp II
As you are aware, a meeting was held on May 25th, 2018, with Ann Goldinack and Brian Meyers regarding a heter iska for the benefit of members who wish to avoid the halachic challenges of violating the biblical prohibition of ribbis.
On November 27th, 2018, Ms. Goldinack responded and rejected this request.
It is our desire to be able to continue paying our loans and not cause any financial loss to ourselves or to First Atlantic.
As loyal members of First Atlantic Federal Credit Union, we respectfully request that the administration engage us in finding an amicable solution.
Pursuant to article IV section 3 of the First Atlantic Federal Credit Union bylaws, we the undersigned members hereby request that the chairman call a special meeting of members within 30 days of receipt of this petition.
Is that ReB Shlomeh's Chsima - on the left?
ReplyDeleteDid the Rebbe change his mind - from the last most recent Kol Koreh - or am I seeing things or maybe not understanding?
Rav Eliyahu Levin Shlita said that credit unions are not a problem. Other poskim om Lakewood are of the same opinion since the account holders are not the ones with active decision making power that is something that the CEO IR CFO have final say.
ReplyDeleteSpeak to your local Rav before you decide to pay off the entire loan.
That is not true. He says it’s assur.
DeleteHe said it's not a problem also rav shlezinger who is visiting lakewood said it's fine.
DeleteRabbi Eliyahu Levin giving a shiur today Friday on this topic.
ReplyDelete12:00 Choshen Mishpat Kollel 7th and Forest