The SAFE/Boeing Mega-me Merger: Will DFPI Play The Fool?

   Our hands are tied... really?

😎 Please take a moment to read (or re-read!) the exchange with a fierce critic in yesterday's post [link], particularly with the comments starting here [Anonymous August 22, 2026 at 3:55 PM].

✅ It's been a long, long trek to arrive at these facts: 

• 1) SAFE CU is a safe, sound, thriving Sacramento institution. 
• 2) The SAFE membership did not request this merger.
• 3) The SAFE Board and CEO are selling out the membership and the community for no measurable benefit. 
• 4) A majority of all SAFE members will not vote to approve the merger as required by law. 
• 5) At which time, the California CU regulator has the legal authority to approve the merger - regardless of the vote.  
• 6) Equally, the California CU regulator has the legal authority to deny the merger, regardless of the vote; but has never done so with past merger proposals.  

 ✔  We have arrived at the test question (at last!):  Given these facts, what is the duty of the State to all parties involved with the SAFE/Boeing merger proposal? Who's interests should be protected?

 Be sure to show your work...!

The SAFE Mega-Me Merger: Who Should DFPI Be Cheering For? How About California?

  

❋ Cheerleader for the SAFE Board of Directors, or advocate for SAFE members and the guardian of consumers and the laws in California?  

Our commenter from yesterday [link] seems to believe that DFPI falls into the rubber stamp definition of regulators:  "A  mostly powerless yet officially recognized body that routinely approves or endorses programs and policies initiated by a controlling party."  Mighty harsh critique! 

😎 Certainly no need to lobby for "deregulation" in California if the rubber stamp label is accurate!

✅ DFPI likes to boast of its consumer protection, and that California is "the charter of choice" for credit unions. The SAFE Board evidently doesn't believe DFPI is all it's quacked up to be.  Instead,  the senior leadership at SAFE have chosen to give it all up  - actually give it all away! -  and move to Washington! So much for DFPI's charter of choice!  

 ✔ If this merger mistake comes up for a SAFE membership vote, California and credit unions nationwide will have a chance to judge the true degree of regulatory rigor and the firmness of the promise to consumer protection at DFPI.  

 ✔ As you've read,  California law explicitly states that a majority of all SAFE members must vote in favor of this merger proposal for it to be approved.  

 ✔ If the merger is not approved by a majority vote of all 250,000   SAFE members, then DFPI will  have the choice to unilaterally approve or disapprove the merger proposal.

😎  DFPI alone will decide who really has the credit union "charter of choice" for 250,000 Californians. Will be interesting to see how DFPI justifies its' choice, when the majority of all SAFE members do not approve.

  In all this, DFPI's  latest "innovation" may be to achieve what was once thought impossible... making NCUA look good!