The Blind Leading The Blind At SECU?

   ... better take a look!

 “The only thing worse than being blind is having sight but no vision.” - Helen Keller  [link]

Credit unions nationwide are merging and "selling out"  - their member-owners in particular! Here's the latest, very large example [link]. This trend will be coming to North Carolina in the very near future!

Have tried over the last few months to encourage the SECU Board and our CEO Leigh Brady to detail their strategy on the issues of merger and charter conversion to the entire membership. The latest request was on November 11th [link]. The two key points were:

✔ For your information, the two issues which I believe need to be addressed are the rights of SECU members in the event of 1) merger, and/or 2) charter conversion. These two important credit union governance changes are occurring with increasing frequency nationwide - among credit unions, large and small alike.

✔ You and the SECU Board could provide tremendous leadership for credit unions by discussing, reviewing, and adopting appropriate governance rules protecting SECU members.  

Lack of vision can indeed be a problem for a credit union... a refusal to speak to the members can also be disabling.

  Is the issue of member-ownership at SECU moot or mute...?

 

 

 

Naw, Can't Happen Here... "We're SECU"

 Thought you wanted to be "industry standard"? 

   

                 [see story here CUToday , or here CUDaily] 

The SECU Board in September approved bylaw amendments evidently designed to "protect" themselves from the 3 million SECU member-owners. The Board and our CEO refuse to discuss those approved changes, while the regulators remain at lunch.

The members of SECU are at substantial risk. What is the risk? The risk is either that the SECU Board and our CEO do not have a clue about what is happening nationwide with credit unions... or that perhaps they do!

One would hope that as Rome catches fire our leadership would stop fiddling around. That time is at hand... over $6+ billion - of SECU member money - is up for grabs in North Carolina.

If the SECU Board needs bylaw changes to protect itself from the members; who protects the SECU members from the Board? 

Maybe as a member, you should ask our CEO ... even if  simple member inquiries now appear to be viewed as complaints [link]!