2026 SECU Annual Meeting: Undemocratic Principals? Part V

  2026 SECU Annual Meeting 

✅ Have these restrictions on the cooperative, democratic rights of SECU members reduced the Annual Membership to farce?

Meeting Year     Member May Speak     Member Resolutions

       2022                 Fully Permitted         Fully Permitted

       2023                    Restricted                     Restricted

       2024                    Prohibited                    Restricted

       2025                    Prohibited                    Prohibited 

✔ Governance at SECU seems to be increasingly unprincipled - at least democratically! And, members have submitted several questions asking "Why?":

1. Please publish the wording of the bylaw amendments approved by the SECU Board in September, 2025; explain their purpose and intent; and state if the amendments have been modified or rescinded? [replay!]
2. Why doesn't SECU post a copy of our bylaws on the website? Most credit unions do. It would help eliminate any uncertainty.
3. Why does the board refuse to nominate more than one candidate for each vacancy? Let the members choose.
4. Will our Board commit to remaining a North Carolina credit union and not merge with out of state CUs? 
5. Will the Board commit in the bylaws that no director or executive can receive bonuses, payouts, or other benefits tied to a merger or sale of SECU?
6. SECU has recently announced a new  “Online Privacy Notice” that is both invasive and intrusive. If members choose to fully protect their online privacy by opting out of SECU’s policy, the implication is that SECU will restrict the members’ rights to basic services, one example, the mobile app.  Is this true?  How do members opt out of these discriminatory policies (such as sharing member information with third parties) and continue to receive the full service which their membership has always provided?

😎 Look out for that last one! The newly adopted (effective: July 15, 2026) SECU Board privacy policy can be found here - [link]! It would appear that you and I, as SECU members, no longer has any right to privacy!

   "People Helping People" or are SECU members now being "Flocked" by our credit union? 

2026 SECU Annual Meeting: Sharing SECU Finnancial Information - Too Taxing? Part IV

   Or is it a bit too IRkSome?

One of the softball questions submitted for response at the Annual meeting is:

 ✔ "4. Why doesn't the Board publish our monthly financial statements online? Is there a problem?" [See Part II - link]. Which prompted a trollish response: "4) if you really need to see them monthly you can request them. (Members rarely do, by the way)"

Not certain why the SECU Board continues to adopt a disdainful attitude toward SECU members on such a non-controversial issue - especially when member access to financial information is mandated by North Carolina law? (Why not get modern - "Go Digital!") 

✅ Why play hardball with SECU members on such a simple issue? Well, what goes around, comes around! Here's another question which a member submitted for response at the Annual meeting this week:

✔ "Would you please explain the $26.5 million, non-recourse loan granted by the Board to CEO Leigh Brady, which was reported to the IRS.?" 

Say what? SECU is required to file an annual tax return (called a "990-T") with the IRS. Yes, that's right - even though SECU is tax-exempt. Key IRS goals are to track the scope of financial activity, major third party contracts, levels of executive compensation, and to monitor for potential conflicts of interests. [take a look at the full 2025 SECU 990-T here].

Here's what the member is questioning: 

"THE CREDIT UNION HAS A SERP PLAN FOR KEY EXECUTIVES. DURING FISCAL YEAR 2025, A N0N-RECOURSE LOAN WAS GRANTED TO LEIGH BRADY, PRESIDENT, IN THE AMOUNT OF $26,500,000 FOR THE PURCHASE OF SPLIT DOLLAR LIFE INSURANCE. 

 

😎 The SECU Board wasn't real forthcoming about its loan of $6.5 million to the former CEO (still owed as you can see) - which caused a firestorm of critique. Perhaps this year's response on the $26.5 million CEO loan will be clearer - and more convincing!

   Lets hope so... wonder if it's a "risk-based" loan?