Why Credit Unions Are Losing Political And Public Credibility...

  ... speaketh with tongue forked?

✅ One of the original, foundation principles of all credit unions was the concept of a limited-membership, financial cooperative - not serving the general public. The limitation was often phrased as "a group sharing a common bond". The "common bond" was most often focused on an employer, church, union or social group - with spouse and family included.

😎 The definition of "limited membership" has changed significantly over recent years; and has been one of the chief concerns over the future direction of SECU. In 2021, the SECU Board appeared to be going off half-cocked with aspirations of building a regional or national credit union empire at SECU - with member funds, without member support.

Stumbled across an excellent example of how "limited membership" has been effectively eliminated at many credit unions. The credit union is called Unify [link] which started out in 1958 as the credit union for Western Airlines employees. As you'll note from the "Do Good, Get Good" membership category, might just as easily call Unify the "Friends of Hobbs Credit Union"...  

 

 

 

✅ Unify is no longer the exception among credit unions in terms of open membership eligibility. The question for SECU members: " Is this the model you hope your credit union will become?" Should you have a voice in that discussion, in that decision? 

😎 You don't currently. 

. .. is Calvin [& Hobbs] eligible as a family member?

Our CEO Was Asked Yesterday In D.C. What Makes Her "CUSS"...

  This is the time of year when the massive Credit Union Government Affairs Conference (GAC) is held in our Nation's capital.  At one forum our SECU CEO was asked to talk about what made her "cuss". 

😎 In the interest of balance, here's the #1 example of why so many loyal SECU members continue to "cuss" about their credit union...

✅ At the 2023 SECU Annual Meeting, 32 SECU members stood up and each delivered a 2 minute statement on their view of SECU operations. Although uniformly polite, most of the commenters challenged the thinking and leadership of the SECU Board. The membership in a subsequent vote ousted the 3 incumbent directors. 

In response to the comments and election, our CEO made this statement to the national press:

 “… Let me be clear on that group of members; 28 of those 32 were SECU retirees,” said Brady. “These were members where Blaine gave them a sheet of paper and said ‘You read this."   

This bizarre fiasco and the subsequent furor were covered in brutal detail by the media [link CUToday] ... an "in good faith" apology was issued by the CEO. End of story?

Well. "X!*RS^!" no, not exactly.  If you pulled up the article link, you found that the 2023 Annual meeting has been deleted by SECU, so you can't hear what the members said. 

✅ What you should also know is that the SECU Board in 2024, unilaterally and without member approval, passed bylaw amendments and election rule changes which now prohibit SECU members from ever speaking again at an SECU annual meeting... "X!*RS^!" 

... the truly "one and only", Ms. Douglas!

One of those 2023 SECU annual meeting speakers is well-known to many GAC attendees and Credit Union Development Educators (CUDE). Sue Avery Douglas grew up in the N.C. mountains around Morganton - and never got over it. You know how those N.C. mountain folks can be sometimes. 

Sue Douglas is not known for being shy nor uncertain about sharing her opinions with people. And, generally being the most knowledgeable person at the table about SECU that could be problematic; as she suffers fools lightly and takes no prisoners in debates. I speak from experience with scars to prove it. 

But, her colleagues forgave her because 1) she usually was right and 2) we always knew where her heart was.  Sue Douglas believed in SECU - its members, its purpose and its employees - unconditionally.

Sue Douglas spoke extemporaneously at the 2023 Annual Meeting. Here's what Ms. Douglas had to say:

  "Hi! I am Sue Douglas, retired after 47 years at the State Employees' Credit Union. I personally know the majority of the employees in this room and the Board members at the table. I am scared to death at what I see happening to my Credit Union right now.

 I am more scared to see how many of the people sitting at these tables are not aware of some of the things that are happening. Risk-based lending - those who do not need good rates get the best rates, credit cards that give rewards to those who never pay a penny of interest on that credit card. These are facts, you can go look it up yourselves. 

But it scares me to death to think of the number of people sitting in this room who are just happy with how the Credit Union has been for so many years. I ask you to open your eyes to pay attention to what's happening whether you are an Advisory Board member or an employee. 

Things are changing and it's time for the members to take back this Credit Union.  Thank you."

 

.... "X!*RS^!"