The SECU Board Has Just Announced A Pull Back from Race-Based Lending! Or has It...?

   It appears that the SECU Board has adopted new lending policies for RBL!

✅ Instead of having 5 punitive interest rate tiers (A,B,C,D,E), now there are only 3 punitive interest rate tiers (A,B,C)! The "D & E's" have been eliminated!

Finally an admission by the "We Are" Board that their RBL policies are not only unjust [see how it discriminates here]?; but are also financially disastrous - as soaring credit losses and delinquency so painfully demonstrate [see rising losses here]?  

Progress at last? The "We Are's" are finally listening? Refunds will be made to members who have been overcharged? A new day is at hand?  

✅ If not, why the change?

... not so sure Rosa Parks would be grateful to learn that "she will now be allowed" to move up to the "middle" of the credit scoring bus.

 

....  wait a minute, wait a minute! Hold your Rosas: Isn't the new "middle-C" tier now - still! - the back of the bus?  

And what do you mean "D & E" have been eliminated?

 

 

 

Blog Commenter Says: SECU Members Should Look Here If In Doubt About Impact Of H410...

... look West, look forward, look out!

✅ Here's What the commenter said: "Take a look at OneAz Credit Union if you want a preview of SECU's future direction. They used to be "Arizona State Employees' Credit Union" until the wolves got control of the hen house, then they 'rebranded' in 2016. "Now their original mission of serving the employees of the state is entirely forgotten; they're open to anyone living in the state of AZ."

"Their Board of Directors are "volunteers", but they're now each paid a 'stipend' of $28,000 per year, plus who knows what other perks and goodies like meals and luxury vacations framed as 'business retreats'. "

✅ Here's the info on Board of Directors Compensation

"At OneAZ Credit Union, we believe in transparency and accountability to our members. Our Board of Directors plays a critical role in guiding the strategic direction of our credit union, ensuring that decisions are made with the best interests of our members in mind. In line with our commitment to transparency, we're proud to share information about our board structure and stipend."

Board Members
"Our board consists of dedicated individuals who bring diverse expertise and perspectives to the table. They are committed to upholding the values of our credit union and serving the needs of our members. Here are the details of the stipend they receive for their service: 

• Board Chair: $35,000
• Board Members: $28,000 each
• Advisory Director: $14,000"

✅ Here are the "limitations" on Membership: 

Eligibility

In order for an applicant to be eligible to join the Credit Union, the applicant must:

• Live or work in Arizona; Attend school in Arizona; Volunteer in Arizona; Worship in Arizona.
• Agree to establish membership by opening a $5 Share Savings account with the Credit Union
• Not have caused the Credit Union a loss
• Any person sponsored or referred by an existing OneAZ Credit Union member is eligible.
• People and organizations sponsored by existing members are eligible
  

✅ Here's the link to the former Arizona State Employees' Credit Union: [link to OneAz]

 

... those "limitations" kinda cover everyone from "A-Z", don't they?