Tuesday, March 14, 2023

The Alternative To Risk-based Lending - Which Works Better, Without Disciminating Against Members - RBL # 14

 To: SECU Board of Directors

Chris Ayers ImageDear Chairman Ayers, 

You and the SECU Board did not have to choose discrimination against the majority of SECU members in lending at the Credit Union. Yet you chose to do so, with a seeming disdain and contempt for the best interests of your fellow members - you simply knew better than lesser folks, didn't you?

You had a much better answer in terms of fairness and financial performance - see the quote below by Chairman Bob Brinson at your  2021 Annual Meeting. All you had to do was lower rates and volume soared! 


 SECU Annual Membership Meeting Page 3 October 12, 2021 Raleigh, NC

"Chairman Brinson reported that we had some exciting changes in lending with the roll-outs of the SECU Fast Mortgage® and SECU Fast Auto Loan™, the re-introduction of the 30-year fixed-rate mortgage, and significant drops in mortgage and auto loan rates. He advised that our members embraced the added convenience and value as indicated by significant increases in fixed-rate mortgage loan balances, used auto loan balances, and loans originated. "


So, now you have the worst of all worlds ,  discriminatory lending practices and un-competitive rates!  Strike 1, Strike 2, ... how many strikes do you and the Board feel you deserve, before you get sent back down to the minors?



1 comment:

  1. I used to tell all my family and friends that the State Employees Credit Union is fair. Not sure I will be telling anyone that anymore.