SECU What's Next? The Honey Pot... Miappropriation #3

  Show me the money honey?

Winnie the Pooh had an insatiable appetite for "hunny", some people have the same problem with money! Where I live folks are often willing to stick up a convenience store for $50 bucks!

What would happen if you had $6 billion bucks lying around in North Carolina with nobody's name on it? Would the flies find the honey? You betcha! 

We've stopped to take a look at a growing nationwide threat to credit unions and their members - that means you! The threat is the misappropriation of a credit union's "member equity" (also sometimes called reserves, capital or net worth) via mergers, insider trading and payouts, bank purchases, and charter conversions [link]. The flies are circling, folks!

Using SECU as an example in MisApp #2 [Pot of Gold - link], we figured out as an SECU member that your "share of the pot" was at least $2,000, family of four - $8,000+! That would be sweet, right? That @$2,000 individual member-ownership amount is about the average for every credit union in the U.S. - including your credit union!

So are you interested in hearing about what's going on, or do you prefer to just let someone else grab it?

Could never happen in North Carolina? Wanna bet... say $6 billion bucks? 

Your choice, your money!

  $6 billion bucks is a lot of convenience stores!

2025 SECU Board Candidates Announced - Two Incumbents Stepping Down.

   An "illiberal democracy"?

The SECU Nominating Committee has announced the slate for 2025.  Chris Ayers, Nneamaka "Amaka" Flynn,  Ben McLawhorn, Thomas Parrish. Two incumbents are stepping down.

Mr. McLawhorn and Mr. Ayers (famous when chair in 2023 for the "no formal proposal proposal") are incumbents. Mr. Parrish is a former board member, "un-elected" in 2023 and Ms. Flynn is a long-time advisory board member. 

In contrast to the absence of direct notice of changes in this year's election procedures, the candidates were announced broadly by email to the SECU membership.

The email stated: "The Nominating Committee is encouraged by the level of candidate engagement and participation in this year’s election."  

Other than these four nominees, recruited by the SECU Board, would you like to guess how many other members - out of 2.8 million SECU members - submitted nomination packages to the Committee?

Commenters have asked: 1) "Can a member self-nominate now?" No, a candidate must apply through the nominating committee.  This was challenged in 2023 as not in accordance with the SECU bylaws; the Administrator of Credit Unions said the Board may do as it pleases; 2) "There wasn't proper notice of election procedure changes." This was challenged in 2025; the Administrator of Credit Unions said the Board may do as it pleases.

The Nominating Committee did note: "As members, your active participation in our democratic process is crucial to SECU's success."

  Should be a memorable Annual Membership Meeting!