America's Credit Unions: On The Fourth Of July

 ... a Cause for celebration?

We hold these truths to be self-evident:

★ As the financial world consolidates;  individuals, entire communities, have lost their ability to apply moral and ethical pressure on their local credit union.

★ Decisions, policies and practices are no longer formulated within our local communities. 

★ The balance of financial power has shifted away from the member; the principle of financial fairness no longer guides our moral compass. 

★ A disconnect in responsibility and accountability has been created between the credit union financial professional and the member-consumers served. 

★ It is now difficult to confront or shame the often remote and purposefully isolated leadership of a credit union.

★ Increasingly, it is a challenge to find a forum in which to hold a credit union accountable to the people and communities it serves.

★ The bond of trust between the credit union and the member-consumer is being dismantled with impunity.

★ Members are no longer certain that their credit union is led by faithful servants, good shepherds - disciplined by sound judgment, high integrity - and humility. 

  Happy 4th!...  Independence Day, 2026! 

The SAFE Mega-Me Merger: Sacramento Gets SAC-ked?

 

       SAFE the "disappearing" credit union! **

✅ Sample Ballot for SAFE Credit Union Merger Proposal

Name of SAFE Member:__________     Account Number:___________

Please read the Notice of Special Meeting for the members of SAFE Credit Union. The SAFE Board has tried to let you know what you need to know, when you needed to know it. [link]. You know, we know, who knows best!

* By California law, this plan of merger must be approved by a majority of all SAFE members.

* But your vote really may not matter much, since by California law, a governmental override might be sought by us, the SAFE Board, if less than a majority of you approve. 

✔ Mark your choice [1 only], sign and submit this ballot: 

[ ] Approve the proposed merger with Boeing Employees Credit Union as unanimously endorsed by the SAFE Board of Directors.  The merger requires the transfer of all SAFE CU deposits, loans, and $400+ million of your ownership equity to BECU. Corporate control and regulatory supervision will also be moved from California to Washington State. SAFE Credit Union will disappear**.  Or...

[ ] Alternative recommendation for SAFE members: Maintain the current California state-charter for at least ten years, with headquarters remaining in the Sacramento area; retain current service facilities, employee staffing levels, and the Sacramento-based leadership structure for at least 5 years; fund a new share account at BECU for up to 10,000 existing SAFE members, who require BECU service; and distribute a "Lets Stay Home Special Dividend" of $150 to each of the 245,000 SAFE members of record as of 12/31/2025. Or...

[ ] Seek merger with our fellow Californians to the south in San Diego!

[ ] Do not approve the proposed merger.

✖ Signed:___________ Member's Name:_________ Date:_____

  Will DFPI approve a disappearing act... or suggest the Board reconsider or resign?

✷✷ California law: "A Plan of Merger must be approved by a majority of all the members of a disappearing credit union, by vote or written consent. " [link]