Wednesday, March 8, 2023

SECU New Culture, New Direction - Changing Values


 The Value of An SECU Member Before and After Risk-based Lending (RBL):



 As simple as that: member ≠ member, black ≠ white, young ≠ old, female ≠ male, fair = unfair, wrong = right. 


Welcome to the New Direction/New Culture SECU...we still love you, but our (com)passion is tiered. Remember at SECU you are your credit score!    





  1. Member came in the branch to do an auto loan. They were “E tier” members on paper, but in reality it was just medical collections and one small collection from Verizon from when he was younger and no other credit history. Last week, he would’ve got a 6.5% interest rate. Today, he got an 11.5% due to the Collateral being older than 5 years for around $15,000. Are we really helping our members? We could’ve saved that member 5% if we were still using the prior model. Our membership is no longer equal. I can’t believe leadership can’t see this.

  2. 792 and 795 credit scores- 2 separate auto loans walked away from SECU because they could get a much better rate somewhere else - the A’s are certainly not knocking down the doors to come back. My concern is due to this failure, will they tighten up the other tiers and our lending capability to obtain that magic mix they are after? Heartbreaking.