Apologize for the highly detailed posts, but it is an effort to give you the precise reference background so that you can "string the pearls" together in a few days - and say: "Aha, now I see what's up!"
KEEP ASKING YOURSELF:❓What is so important in H. 410 that the Carolinas' Credit Union League (CCUL) and SECU are willing to sacrifice anything and anybody to get it passed?
Going to make you do most of the work on this one, ok?. In 1979 SECU was asked by the N.C. League of Municipalities and N.C. Association of County Commissioners to permit local government employees - not served by an existing credit union - to join SECU. The N. C. Administrator of credit unions approved the change.
The banking and savings and loan interests sued to stop the addition of these folks. On April 7, 1981 the N.C. Supreme Court ruled in favor of the banks. The N.C. Supreme Court said that state credit union law defining who was eligible to join a credit union was limited and did not allow varying groups to join together within one credit union - like state employees and local government employees at SECU.
The current, existing state law defining membership in North Carolina credit unions is exactly the same state law on which the N.C. Supreme Court rendered that 1981 prohibition.
Here's where you can read the full opinion of the North Carolina Supreme Court in 1981 on limiting credit union membership eligibility.:
[Justia... April 7, 1981N.C. Supreme Court Decision on North Carolina credit union membership]
So, SECU can not legally allow open membership and proceed to take over LGFCU without changing the existing State laws which limit their "current members-be-damned ambitions" - now re-read that "❓" question above.
... will the facts matter at CCUL or SECU, or are we just "casting pearls before swine"?
Speaking as a member of both SECU and LGFCU, I am outraged at the turmoil I see within both credit unions right now. I feel SECU Board of Directors are responsible for the onset of our problems, are they willing to admit their mistake in hiring a CEO who knew nothing about North Carolina or our credit unions? Two great unions going down the toilet, because you wanted change? Listen to your membership, you have failed us and our state. Time to swallow your pride and put our SECU back together again.
ReplyDeleteThis Board hired Hayes to implement their changes. IT IS NOT ABOUT HAYES. Hayes is a puppet leader--the Board is pulling the strings. This is most important. It is about the Board at SECU and only the Board. Hayes is just about money and enriching his friends. He doesn't have a clue about management of a highly complex financial organization! (Obviously, the Board doesn't either!)
DeleteGood point. Hayes is irrelevant, proved it early and now just zombie selfie leader. Vultures circling inside credit union
DeletePoor Leigh leading the charge?
DeleteAnd this same Board just changed election procedures for anyone seeking to replace them in October? Seems another sign this Board is up to no good, just how dirty have they become?
DeleteLooks like LGFCU pushed out their Independence Date to 2025, they heard their members. I know that was a hard pill to swallow. Another year of having to deal with jungle Gym dragging them thru the weeds.
ReplyDeleteThey didn’t listen to their members. Their plan for independence was swiss cheese from the beginning. They had shunned actually speaking to all members. There is no way to duplicate the branch network of SECU, not now, not 2025 and not 2030. Can’t put that many locations and staff without spending all the members money. Speaking of they are burning that as well. Hiring positions to support internal agendas and not yet tackling how to give members what they need/want. We have seen the letter from their CEO saying “we are listening”, branches, cash and so on, only missing the term BS in fine print. Count on this, this is just more smoke to cover their position which has always been not in the best interest of members. My money is already safe at another location and plan to keep it that way. I wasn’t going to sit by and help fund the demise. Others should take note.
DeleteConversions are a little bit more difficult to implement than either LGFCU or SECU management understood. Incompetence at the top
ReplyDeleteBased on what I've seen (current and past), I wonder if the NC bankers are the ones that can/should stop H.410.
ReplyDelete