2026 SECU Annual Meeting: "What We Have Here Is Failure To Communicate"! Part III

    2026 SECU Annual Meeting

Got some push back from yesterday's post, claiming many of the questions were "too tactical"; and therefore, evidently beneath the dignity of our Board and CEO to answer - unworthy of response! 

Sure hope that's not true and that the CEO "Q&A" rises well above the sketchy blah-blah-blah of the anonymice.  BTW, the most frequently asked question seemed to be: "Why are we getting screwed with a 2% money market rate in a 4%+ t-bill world? "Too tactical"? Yes! Relevant? ... oh hell yes! Last time this lax-lag mistake happened $5 billion in member funds departed. 

✅ There were several questions concerning the communications process - or lack there of - with the membership. 

1. To whom are member questions submitted and how do members know all questions are answered?
2. Why am I limited to only one question in advance?
3. Why won't our CEO participate in live interviews with the press? Or hold public member forums? 
4. Why won't our CEO hold regional open dialogue sessions with members? Or may members attend advisory board meetings to ask questions?
5. Your requirement that questions be submitted with a name and address intimidates members, especially employees. Is this intentional?
6. How can a group of SECU members present a resolution to the Board of Directors for consideration and response? What is the best way for members to be heard on important issues?

That last one (#6) is the sine qua non of the refusal by the SECU Board to communicate with its member-owners. It's the infamous "Rule 6" adopted in 2023 by the Board: "Rule 6. No substantive motions shall be permitted from the floor other than those provided in the notice of the meeting."  

 

✔ That leadership hauteur was subsequently heightened by an internal "legal" opinion claiming SECU now requires a 300,000+ SECU member petition and a "Special Membership Meeting" to present a resolution to the SECU Board! Democracy in action at SECU?

 

😎 Over the last 5 years, SECU has often been "over-lawyered" and "under-led". It will be interesting to see if our new CEO will rise to the occasion... and "lead us up out of Egypt"?

 

 "Cool Hand Leigh"? [link]... let's hope so! 

  

 

SECU Annual Membership Meeting 2026: A "Member Forum"? Part II

   2026 SECU Annual Meeting 

Talked yesterday about how the SECU Annual Meeting has been debased by the ever escalating restrictions on member participation [link]. The SECU Board seems to have adopted the late 1800's authoritarian attitude that: "Children should be seen, not heard"! 

But, the Board still permits SECU members to listen, as long as we do so quietly - mutely! The meeting agenda calls for a "Q&A" session in which our CEO will read answers to questions submitted in advance. Have received a number of the questions submitted. Thought we might take a look at a few of them over the next few days.

The questions seem to fall into 3 broad categories: internal, governance, and future/ethical/integrity concerns. Let's start with the internal issues. First, it's impossible for anyone to respond to the employee and member "friction" questions which arise in the normal course of business. Often very personal! Need to talk with your local manager or HR about those. But here are a couple which seemed broader:

1. Does the Board intend to degrade employee health coverage as they did with retirees?
2. When will the "core" computer conversion be completed? 
3. Is the Board aware of how poor our service has become on call center contacts? Why not? 
4. Why doesn't the Board publish our monthly financial statements online? Is there a problem?
5. Am I the only person experiencing problems with the new bill pay? Late payments, dropped items, issued a post-dated check which "bounced"! Fixed? 
6. Do you still intend to make risk rated mortgage loans to us?
7. How will you handle layoffs caused by AI? How many do you forecast?
8. Please do a professional, independent, anonymous employee survey. You need to know.

Not too bad a list, with some important questions. Would add that the SECU Board might take a hint from #8 and add a "professional, independent, anonymous" member survey, too. 

SECU used to be among the most favorably-ranked credit unions by members in the U.S. - still true? The type of "member survey" techniques now being used by SECU are neither empirically grounded, nor  statistically sound. 

😎 Can be risky operating in the blind!

 "Member forum"... for-us or for-them?