Question: Wonder why the SECU Board won't publish the credit union's April 30, 2023 financial statements? [... been ready for weeks.]
Answer: (Check all appropriate answers):
口 1. "This Board" doesn't want to.
口 2. Who wants to know?
口 3. The financials are proprietary.
口 4. The financials fail to support "this Board's" strategic plan.
口 5. "This Board" was busy writing letters.
口 6. The financials have been submitted to the Nominating Committee for vetting under "this Board's" new Election Procedures.
口 7. We forgot and left them in Duck, N.C.
... always heard that "numbers don't lie" - is that the problem?
this is a warning signal, too bad nobody is paying attention except you (Thank You). Why do financial institutes have all this oversight and they still fail? Well one reason would be this stuff that is happening now. Most places don't fail overnight, it's the constant drip drip drip of bad management or the oversight folks not paying attention to red flags.
ReplyDelete8. A "legacy" employee added things up for them.
ReplyDeleteWhy not post them on line and send to all advisory boards each month?
ReplyDeleteIs that Poor Leigh?
ReplyDeleteI’m starting to think an old fashion STRIKE would probably put an end to Hayes. For a credit union or bank to operate…you need your employees. Hit him where it hurts. I hate to do that to members for one day, but that would put a nail in the coffin for Hayes and the BOD.
ReplyDeleteDon't worry. They keep emphasizing their transparency.
ReplyDeleteA wolf would never have to swear they're a sheep, right?!?!
DeleteAdvisory Board members need to have this information…, these financial numbers, be aware of Mr. Hayes prior history, the Credit Unions current strategy, spending, the legislation SECU may or may not be endorsing, and the current employee morale situation. Thank you
ReplyDeleteEmployees that happen to have ties with advisory board members should pass along this blong and then explain how much OUR CREDIT UNION needs help and FAST!
DeleteAre you not allowed to share this info? If not, ( for fear of job loss) tell them its not for publishing.. But, then tell them you know where they can get the information.. The point them to this blog.
DeleteThere is a lot of members that unfortunately don’t have the ability to access or navigate the blog, so it’s important that you share the message and issues verbally with right folks
DeleteWould love to see the numbers on RBL...As much as I appreciate the sell of wanting to "bring back" A paper, from what I have seen and discussions with many others, I don't believe this is happening. In all honesty, I just want to serve all members equally and not feel dishonest about it. Members trust us, so they are not going to argue about the interest rate, they know we have always given them the very best we have to offer because we serve ALL members! I'm not a fan of the propaganda being put forth about SECU always being a risk-based lender. Sure, we have always mitigated the risk of the collateral by taking into consideration the age of vehicle/mileage and term. But using the credit score (of a 3rd party who is not transparent with their algorithms) is an attempt to mitigate the risk of the borrower (a person!/a member!/a human being!)...and we have NOT done this in the past! We have historically had EXCELLENT delinquency and charge off ratios. So why change such an amazing philosophy? Ironically, we are now seeing the worst ratios we have ever had due to members not responding well to the NOT local collection efforts and lack of experienced collectors who will spend time finding out the member's story and empathizing with their situation. This is a skill that seems to have taken the backseat to working the "list" and members be damned. The relationship with the branch staff has been sorely underestimated.
ReplyDeleteIf risk-based lending is "bringing back" the A paper--then show us! If it is really about making more income on some loans that may eventually not get paid (E paper-at least 9 out of 10 get paid!) then tell us that is the goal, instead of "bringing employees back" to lending with SECU. It's not that we (legacy employees) don't believe in personally borrowing from SECU, it's that we believe in lending to those that need it more!! We are willing and want to take care of others first, even if that means that A paper borrowers could find better rates elsewhere (sometimes!). THIS is the core of who we are, THIS is why this change in "culture" is so heartbreaking for all of us--this isn't something that we can change about ourselves---it is who we are!
SHOW us how RBL is changing lives, show us why this move is working so well! SHOW (don't tell!) us how this is bringing in more income if this was the true goal, not getting A paper. This is what we mean by transparency.
Please don't insult us, if this isn't working as originally planned, then tell us that too--you would gain some respect back! We don't need to hear that an SVP got a better rate on their loan, you know better! We want to know that the majority of SECU members, as you touted, have gotten better rates since RBL. We aren't seeing it--SHOW us differently!
It’s a not for profit organization. Income should go back to all members in lower loan rates and higher savings rates. There is no other reason for “profit”. Doesn’t seem to be about that core philosophy anymore.
Delete“What you are speaks so loudly, I can’t hear what you say.” Ralph Waldo Emerson
DeleteThat is a picture of Poor Leigh, because Hazy is going to leave her holding the bag on all this sooner or later.
ReplyDeleteForget the "poor Leigh" stuff. She's 100% in with the new regime and an instigator for many of the detrimental changes. If Haze should leave for any number of reasons no way she survives. She's got to go too and SECU starts fresh on getting back to serving members the right way.
ReplyDeleteAmen! She is self serving too!
DeleteShe hasn't kept a single promise to correct some of these stupid decisions made which has damaged every area of the credit union, some Chief Operating Officer.
Deletemassaging the data ....
ReplyDeleteOh you know purple haze is gonna skew those numbers a little
DeleteThe blood is on the Board's hands. Purge the executives. Right the wrongs. Save some [career] face.
ReplyDeleteNow we are outsourcing our statements ...what happened to those employees? I am so tired of hearing about outsourcing....spending money for all these different companies instead of paying your OWN employees.....I'm all for going on strike, that is probably the only way to let ALL the members know their money is funding overpaid out of state VP's and their "business trips"...only first class from what I hear. Oh and the "executive gym"...members paid for that, but they can't use it...and I am sure most have no idea it exists.
ReplyDeleteThe memo didn’t state the name of the 3rd party. Is it an NC company at least? I’m guessing not. We used to be proud to support our NC neighbors. Guess this is another Cornerstone decision since SECU can no longer think for themselves.
DeleteI'm sorry what? Executive gym? Is that a euphemism for Gym Haze? That can't be a real thing right?
DeleteEveryone has been waiting to see the word Outsourcing, now we have.
Deletethe #’s are prob so bad, they’re waiting for some “good news” they can release at the same time… in hopes of easing (manipulating) the situation
ReplyDeleteDear Jim Hayes and BOD. Why stay? Why keep watching members and employees suffer? Do you want this blog and negative news about SECU to continue? Do you want families to continue to struggle and worry for pay increases while yall take retreats with our money? Jim, if I’m ever let go by the company, I will go to every branch and give a big speech about you and the BOD in every lobby in the state of NC and make sure they know what’s going on. I really don’t care. I’m tired of watching CEOs like you stop on the little man because the thing is…you are no better than me. I could care a less about your money, MIT degree, and whatever else you obsess with. I’m not watching this again. If SECU falls, you will fall as well. Bet your big California sunshine money on that! Members deserve to know and the only reason I haven’t done that yet is because I got bills to pay. Better not let go of the wrong person and the bad publicity of you will continue and it will just be another added notch in your FAILED career. #TEAMSECU;)
ReplyDeleteFor those suggesting a strike, unfortunately that would be problematic and could lead to retaliations. A SILENT STRIKE would be much more effective: telling members and advisory board what is happening… these RED financial numbers, Mr. Hayes prior history, the Credit Unions current strategy, spending, executive travelings, legislation SECU is endorsing, OPEN MEMBERSHIP, LGFCU being forced out, sketchy loan rate practices, and the current employee morale situation. That’s why our deposit rates are so low Mr. Member
ReplyDeleteI agree. While we may want to STRIKE that is not an option. I don’t care how bad the BoD and Executive Management are, the members still mean too much to us to walk out on them. However, I’ll listen to ideas on how employees can show solidarity.
DeleteNow is a good time for the COO or Culture Officer to explain to Mr. Hayes his emails to #TEAMSECU are a waste of his and our time. The majority of which are deleted without being read, truth hurts but there it is. You have lost the ear of both new hires and legacy employees now, so your audience is only the group of Executives you brought in and they know nothing about SECU or our Members. As for your exciting news of a surprise that keeps the Members on our minds***the Members are and always have been front and center in the minds of SECU employees, we don't need a tool for that. Our aversion to change is, we refuse to be a group of employees who only act the part of caring about our Members, the Credit Union and One Another. We gave you a chance 18 months and You, your Executive Team and the Board have not only failed the membership but all of us as well. Our aversion to change is seeing the damage being done to our organization which had none of these problems until SECU Board of Directors failed the Members and Employees in September 2021 and continue failing us today. 86 years of winning to this and you wonder why we just won't get on board with the new direction?
ReplyDeleteIt’s like the Yankees suddenly going…..”hmmm let’s be like everyone else and be average, that will get us to where we need to be…it’s not like we’ve won 27 world series's before…..it’s not like SECU has been successful the past 86 years ….in sports terms, SECU is the Yankees of the credit union world and we just hired a middle school football coach to run a professional baseball team….that’s exactly what this feels like. You are simply in the wrong field, Gym. Snake oil salesman don’t belong here and along with that….your resume…dear god. None of your past employees have any love for you. Failed at WesCorp. Failed at Andrews. Is there something outside of work in your life you need to address, Gym? It seems like this a deep lying mental health issue you have that needs to be addressed before you ever touch a CEO job.
DeletePerhaps they have outsourced SECU financial statements to a third party and waiting for it to come in the mail. Outsourced it like they outsourced member statements, Cornerstone, NCR and our CEO.
ReplyDeleteI feel like the outsourcing of statements isn't getting enough attention. Who is this third party and why did this need changing? No real explanation was given. The fact they're just trying to sneak this announcement past the employees definitely makes me suspicious of their motives.
DeleteHow does this change benefit the credit union or the members, and why are we deliberately in the dark about this "third party"?
What do you mean"they" have outsourced statemnts?
DeleteWe don’t prepare our own financial statements anymore. Another entity separate from SECU does
DeleteTo clarify, until now, the statements that we send to members each month, detailing their transactions, were printed and mailed in house. They quietly announced yesterday that this would no longer be the case. A third party (they didn't name the company. I wonder why?) will now be printing and mailing statements to members.
DeleteThis means a third party will be receiving and preparing sensitive, confidential transaction data for every single member that receives paper statements. Every single transaction, every single transfer, everything. It'll all be sent to another company for them to print and distribute to members. And we don't even know who this company is, let alone whether they can be trusted with such an immense responsibility.
Unbelievable.
"proprietary information"! Whose in charge here? What is "this Board" doing? oh,yeah! modernizing the credit union--hasn't done anything innovative since 83. So Moving jobs out of state is the New/New. Do they want employees to leave so they can close branches and sell real estate? Didn't they close Wade Avenue so they could sell off that property? Won't that help the bottom line? what other plans do they have for property sales? "This Board" is more out of touch than Leigh. And being led by Hayes from WesCorp. No one should ever forget how Hayes cooked the books there!! Go back and read those articles about what went on. WesCorp would not publish their financials for a couple of years--and got away with it. "This Board", Hayes and Leigh are as sorry a bunch to led SECU as has ever been assembled. Incompetent arrogant opportunists with a cadre of 30 lawyers to help them weasel their way into graft and corruption. too bad we can't call a meeting of the membership....
DeleteAnyone ever read Animal Farm?
ReplyDeleteI wonder who Stalin(represented by the Pig napoleon) is?
Deletedrip drip drip of bad mgmt continues .....
ReplyDelete