We haven't talked much about H. 410 - Credit Union "Updates" in the last few weeks. Why? Well, in case you haven't noticed, the State Legislature and the Governor have recently been wrestling with several important and highly controversial pieces of major legislation. Definitely a tough session all the way around.
But listening to SECU COO Leigh Brady's presentation to SEANC*, over the weekend, brought H. 410 back to mind. Have already mentioned her remarks that "H. 410 was not our bill", SECU is just "trying to help out other credit unions". Many folks involved with H. 410 will find that to be an "incredible" comment and surprise! Guess Ms. Brady believes that no one will notice SECU's fingerprints all over the creation of H. 410...and the purposeful misrepresentation of H. 410 to the Legislature and especially to its primary sponsors Representative Howard and House Majority Leader John Bell IV.
In her SEANC presentation Ms.Brady finally acknowledged, although obliquely, one of the many, misleading fictions encompassed within H. 410, that state-chartered credit unions actually have had authority to offer safe deposit boxes for decades. Sounds minor doesn't it, but take a look at how the bill was presented to our legislators (verbatim from the H. 410 bill digest):
· Expands the scope of financial services that a credit union can offer beyond travelers checks and money orders so that a credit union may also offer other negotiable instruments, electronic transfer of funds, safe deposit boxes, custodial services, and correspondent services, and charge a reasonable fee for these services. Also lifts the condition that the travelers checks/money orders sold by the credit union are payable at other institutions than a credit union.
The truth is that state-chartered credit unions have long been able and are offering these services to North Carolina members.
SECU's Ms. Brady clarified that credit unions would no longer "have to ask permission" of the state credit union regulator to offer this service - which they already offer! Several of the seemingly unimportant provisions in H. 410 seek to do two things: 1) bypass the credit union state regulator's review and scrutiny and 2) bypass the State Legislature's review and scrutiny through the enhanced "federal parity" provision.
Given the recent collapse of three very large U.S. banks - Silicon Valley Bank, Signature, and First Republic, - does the State Legislature really want to give up review, scrutiny, and control of North Carolina's state-chartered credit unions? Is being sure that North Carolina's credit unions are operating in the best interest of North Carolinians no longer important?
So what does this have to do with Majority leader John Bell IV? Mr. Bell is a North carolina political leader of much promise and prominence. His sponsorship of H. 410 is a powerful endorsement, hard to ignore by his colleagues. And, with H. 410 potentially "on the ropes" in the Senate, Mr. Bell's emissaries are working hard to apply pressure to folks to salvage it.
It should be noted that Mr. Bell is from Goldsboro, has worked for a local credit union in the past, and even sits on the advisory board of the SECU Wayne Memorial branch (check it out on the SECU website). One would think that Representative Bell would be well aware that many of the provisions of H. 410 are fictions. I believe the more likely scenario is that Representative John Bell IV has been led down the primrose path by folks he thought he could trust. Guess it isn't SECU, since according to Ms. Brady, H. 410 "is not our bill". Must be that rascal with the Carolinas Credit Union League (CCUL)!
Mr. Bell is an experienced, well-respected political leader - with future political ambitions, which appears promising for North Carolina. Lots of folks in Wayne County are state workers - O'Berry/Cherry are still major employers, public school employees, and their families. Most are SECU members and will suffer negative consequences if H. 410 passes.
H. 410 is John Bell IV's bill - no "ducking" that. Folks in the future - all across North Carolina - will remember that, count on it!
...when you find yourself in a hole, you might consider to quit digging.
* State Employees Association of North Carolina
I believe he can pull the bill at any time .... let's' see what he does ....
ReplyDeleteIf he's as good as you say he'll get the message. If we can see he's been misled, he can't miss it.
ReplyDeleteI gave Leigh benefit of the doubt for a long time, believing she was simply going with the flow like so many others of us being forced to put on a happy face and do our jobs…. But now this has become an ethical issue, unfortunately she has chosen to spread mis-truths for motives unknown… I am very disappointed
ReplyDeleteMe as well. She was kinda inspiring to me as a woman being the COO. I just don’t view her the same anymore.
DeleteShe/her has never had me fooled. I've always known a fake when I see one.
DeleteShe is self-serving! And always has been! Should have never been put in any c-suite roll! Us “legacy” employees have known this for a long time!
DeleteThe branch jobs used to be so challenging and I love a challenge, but now I’m so bored! Who ever said they were overwhelmed was just lazy! It’s so crazy that the lazy folks are the ones emailing this idiot and got their wish. I used to love my career but now it’s just a boring job! Most hardworking folks here want to work! Lord help us because we are struggling! I’m not leaving so kiss it you psychotic narcissist!
DeleteI too was inspired by Leigh, I thought it was so cool she, a woman, was the COO. I hate it for her, but if she continues to lie and mislead the motives/direction of this organization, I have to no choice but to group her in with all of the others that I am disappointed in
DeleteWonder if she shied away from Mr.Blaine because of sheer embarrassment or walked up to him and chatted away pretending everything is hunky dory.
DeleteAny comments Mr Blaine? Lol. Can't help but ask 😜
I completely agree. I used to love what I did and having the knowledge to help members with investing, mortgages, MAPs, etc. We used problem solving skills to make a difference. Now it’s just a paycheck. I’ve been with SECU 20+ years and I went on a job interview last week. I told my family it is sad to feel like this at this point in my career.
DeleteDid not have opportunity to speak with Ms. Brady at meeting.
DeletePoor Leigh has to go along with Jimmy or her career is on the line!
DeletePoor Leigh...I know she's been there long enough to retire...I would before my name is attached to this sinking ship
DeletePower of 💰
DeleteWell, all I know is Jimmy stated in his email that he is going to be transparent and communicate because he doesn't like drama like before the internet. You know, drama in books, tv, movies, etc... He is here for US! 🤥 Jimmy and Leigh will be on tour to a branch near you!
ReplyDeleteSo one of you legacies tell us, are we getting merits this year ?
ReplyDeleteRumor is 1-2% and bonus. Board is apparently big on bonus over raise. We know Gym is.
DeleteEven though history has shown inflation around 3%. Let's give 1-2% and a 1 year bonus. Screw your bonus. I like the idea of being able to pay my bills, pay my taxes, put gas in my car and eat. It's the 🤡 show folks and everyone is invited!
DeleteHere is your answer:
DeleteThe exact same question was posed to the CEO in the last town hall meeting - “Inflation rates have shaking the US and the world economies. How is SECU considering these rates, because we are going to have raises by June/July and I have noticed that as we have raises, benefits go up, beyond the raise normally. So how’s the organization looking to the high inflation rates, salaries, etc.
Please forgive and feel free to correct me if I didn’t follow his speech and posting the exact opposite of what he said. His reply - going to try condensing if possible, but not sure if that’s going to be a success since this was another one of his long winded answer:
This is Josh’s take on running a business, not what we are doing as HR because I do not know. So we are having unprecedented inflation which impacts everyone and every company. It’s more expensive to live and do business, in this country and the world. Period. Hard to make money. So SECU is not the lottery. We don’t have wishing well, we have cash. So when any company is faced with this sort of economic downturn, every company in this world has seen a decrease. And I understand because it has impacted me too. But if you were running a business you would say, you have declined revenue but then we are going to cover the inflation for everybody because companies do quite a lot of business. But then I can tell you, for us, if you have never worked outside the organization, our merit pool is better than most in the area by a lot. So 4% is kind of standard. I know during covid it was different. But I can only talk about my time here. I think a 4% pool across 8000 employees is pretty atypical. Now you have to do bonus structures and things like that, which are the facts. I do not know how to answer your question directly. If we as an organization are doing anything with the merit pool to account for economic inflation impacting the world I want everybody to make as much money as possible. I do not get incentive to pay people less. So when we talk about hiring and salary adjustments, the real answer to your question is, we do based on market data. So whatever the market is, as the inflation goes up, if the market value on position changes, then we should address it that way. In a lot of companies as you have seen in tech, massive layoffs. The second things go south - (I couldn’t catch what he said here) - high paying jobs they layoff. We don’t do that. And so think about you running a company and in general think about both sides of that. My philosophical belief is merit is not cost of living. Merit is performance based. Should organizations look at possibly having an automated cost of living expenses to be commiserated with cost of living in that area? Possibly. That’s something I can take back to HR.
So having heard “Merit is performance based” - will the C-Suite DECLINE to receive whatever merit and bonus is coming up - since SECU is losing money - instead pass on that percentage to the employees who did their bidding?
Removes all doubt, the Board has hired a self-confirmed idiot.
Delete8000 employees? Wait, didn't Gym say that the credit union has to many employees when he got here? I think the number of employees then was around 7000ish? Wth?
DeleteHard to make money. He got that right. SECU is draining under their leadership. It's HARD HARD work to make money.
DeleteIt's so NOT incredibly smart or intelligent to assume all long time employees have never worked in any place other than SECU.
DeleteEmployees have drifted to SECU from all kinds of places (SAME as these guys), found a HOME here and therefore stayed rooted. These guys couldn't root themselves anywhere and kept drifting and ended up in SECU - for various reasons - like Josh, who left First Citizens since he didn't get the promotion he expected.
They always talk down to everyone saying 'for you guys have been here forever and don't know any other place'. Stop assuming. This simple statement proves your preconceived assumptions and how much time and care you have taken to learn, familiarize and adapt to your current work place. You are all so quick to judge us but when we repay the same hospitality you are offended Doesn't show you in a bright light.
That was rather incoherent mansplaining. I’m all for cuts to highly paid tech execs though
DeleteIncoherent mansplaining? He has been doing employee luncheons. So a question was posed as to what insights he learned from all these meetings. His reply was a ramble. He couldn't point out one item and say, this - this was the most important thing I learned. Someone who took notes can explain it better.
DeleteAnd after his ramblings, when he poses a did I answer your question, the person who asked the question nods a yes. Who wants to sit through another session of this? Also he never really answers any questions. It's always a long tiring no-answer answer speech and/or pointing his finger at someone else. Just answer 1 question directly - a short and sweet direct answer. NO. Then why do you helm the meeting? Either he is all talk with no answers or doesn't want to answer. Which is it? And why?
Question is inflation rates have shaking the US and the world economies, so how’s the organization looking at handling the high inflation rates, salaries, etc. You are the CIO of the organization. You are holding a town hall meeting representing the organization and having an open floor question answer session with hundreds of employees. Do you have an answer or not? Yes. What is it? No. When can you answer?
DeleteThis might not be important or serious to you Sanderling resort retreating, vendor handout private jet chartering C-Suite top execs like you. But this is important and serious for us. That answer you should have given us is our lifeline. Our livelihoods depend on it.
Such an offhanded careless I - I - I going nowhere irrelevant incoherent blowoff.
But if you were running a business you would say, you have declined revenue.... Now we can understand why SECU revenues declined.
This answer confirms this. He did not take the meeting seriously. Neither did he take the employees seriously. No respect for their time either. He had not prepared for the meeting at all. No, not really. He was prepared to have the cultural officer talk about 'hire, fire, promote' and 'freedom counseling'. It was news to us that a cultural officer's duties included hiring, firing, promoting, etc.
DeleteThey view us as peasants. Commoners amongst the nobles.
DeleteQuestion: What did you learn from the luncheons you have been having with employees?
DeleteLet’s see. What did Josh learn from all the luncheons with employees?
Can we condense his speech? Maybe cut out portions of it? Here’s an attempt. Please feel free to correct if there are mistakes.
…… Don’t have a single thing as an (can't remember what was said), mutual gaining of insight. You come with preconceived notions of everything even though you assume (everything? - lost me here) …… positive intent. You come forward with your own biases and I have to say the same is to be said about perception of me, and so the intent of the meeting was to break down those barriers because I have heard feedback that people that have held my position in the past had not done similar things. Doesn’t mean good, bad, different, just hadn’t. And I want to know what’s happening at all levels of the organization. I hate all kinds of titles like mine included. So I don’t work their way. I don’t believe in these things. I don’t believe in hierarchy. So it’s a way of connecting with our teams. …….. (Talks about meeting with managers now) I have gained a lot of valuable insight which has changed some of my perspectives on how we solution these things. The thing is I don’t make the decisions on the solutions. It should be collectively. So just like our meetings I think it’s great we should have meetings. It’s not my idea, it’s not my solution, it’s us. Did that answer your question?
So what he learned is “a lot of valuable insight”. Wasn’t that question to begin with? What did you learn from the meetings = What is the insight from the meetings? And he gained insights???
I hate all kinds of titles like mine included. So I don’t work their way. I don’t believe in these things. I don’t believe in hierarchy. Then you should NOT have left First Citizens for NOT getting that promotion that comes with that new shiny title. Similarly, you should NOT have accepted the promotion that Hayes gave you that comes with a higher title and pay and power that took you up in hierarchy. You could have slogged away in the job you were given just like us minions.
So just like our meetings I think it’s great we should have meetings. ???!!!
It’s not my idea, it’s not my solution, it’s us. Good sense of humor. Got to give him that.
Wow. Bomba the deep thinker. He sure has built hierarchy for all his bank pals. Never seen so many layers in a cake.
DeleteI am confused. Anyone who was in that meeting care to enlighten us folks about this mysterious thing that helped him gain a lot of valuable insight and changed his perspective but can't find a solution on his own?
DeleteAwww... Now we know how Josh wormed his way into Hayes heart and that promotion came through. So so sweet.....
DeletePersonalities match so perfectly....
Without any warning or input from the employees, the management at the credit union announced schedule changes that have disrupted the regular business hours and shifted many employees to erratic schedules or night shifts. This sudden and unilateral decision has created significant challenges for the affected employees and has not been received well by the
ReplyDeleteworkforce.
Furthermore, the responses provided by supervisors, Vice Presidents, Senior Vice Presidents, and district managers have been disheartening, as they essentially convey a lack of concern or willingness to address the
situation. Responses such as, "There is nothing we can do, but you can feel free to put me down as a reference," demonstrate a disregard for the
well-being and satisfaction of the employees.
It is evident that these changes and the ongoing reduction of benefits for new hires are part of a broader strategy aimed at pushing "legacy employees" to resign. By creating an environment of uncertainty, limited
job security, and diminished advancement opportunities, it appears that the new management at the credit union is transforming the Contact Center into a workforce that is perceived as expendable, with little to no protections,
benefits, or avenues for career growth within the organization.
The situation has been exacerbated by the lack of transparency surrounding advancement within the Contact Center since the module program, which
previously outlined clear career paths for all hires, was dismantled last year. Since then, employees have been left without any information or guidance on how they can progress professionally within the credit union.
This lack of clarity and support has further fueled frustration and demoralization among the workforce.
Moreover, it is my suspicion that the majority of employees who experienced drastic schedule changes and are now at risk of being forced to leave are,
in fact, "legacy employees" who were hired prior to the slashing of advancement programs and benefits.
Compounding the issue is the fact that the schedules recently released are labeled as "Summer Schedules," indicating that anyone who manages to remain
employed during this quarter will likely face similar uncertainty and potential dismissal in the upcoming seasons.
I believe it is crucial to shed light on these concerns and bring attention to the questionable practices taking place at our credit union. The treatment of employees, the erosion of benefits, and the lack of transparency in career progression deserve thorough examination and public awareness.
Does anyone know the BOD's intent on the contact center? Is it to outsource it to somewhere like India, cheap but lots of English speakers? BOD can't help itself--has to dismantle, close and sell off the entire organization? Is it because it is too complex and the skills are not there to understand and run NCSECU on the administrative level? Leigh Brady never did have any branch experience so good chance she doesn't really understand how complex things were at the branches. The call senter folks had to answer members questions, so they had to understand everything that SECU did.
Deletewhy are they being deceitful about what they are doing? Do they need to simplify things so they can understand them? Do they want to sell out to Penn Federal? Become a for the elite only credit union? Why all the deceit?They have to get the open membership bill passed from the state to be able to achieve that ambition? perhaps the BOD doesn't want to continue to run NCSECU at all, bu wants to merge with a some credit union like Penn Fed, which has gobbled up lots of credit unions.
Leigh Brady the chief talker is a confirmed liar now. Hayes was a confirmed liar when hired by The BOD. Mr Fleming and Mr. Ayers also confirmed liars. The rest of the BOD is complicit by silence. Why do they want to destroy the only organization in NC that has worked for people of modest means and their families? Is there any way Representative Bell can come to understand how important this is? Will more letters help? is he dug in too like they are? Has he READ the bill?
Make the job so miserable that employees quit. Less you have to pay. Reports to the BOD the lack of employees in MSS, show the data of dropped calls, waiting times up, etc.. BOD approves hiring temp or just outsourced MSS to either India or some other state that has lower living cost.
DeleteSince being like all the others seems to be the goal, I would say it's a safe bet to look at what everyone else does with their Contact Centers.
DeleteWe always had an advantage over other CU's and banks due to our servants heart mentality. I wonder what will bring in the new business when we are just like everyone else.
Hiring out of state workers. Outsourcing jobs. So much for a local NC credit union, funded by local NC members but benefited by those non-locals outside of NC. No one is stopping out of state workers from being employed. BUT they need to relocate to NC with expenses paid out of their OWN pocket. People that live and work in NC will have more investment in NC members well-being. When the origin is local, the destination should be local too.
DeleteSeems like a lot of shenanigans by the current SECU leadership. Lots of spinning. LGFCU departing, RBL, alleged 1983 technology, H.410. Also, a significant increase in SECU expenses this past year. If only there were clear and undeniable benefits to the members to explain all this. But there is not. Hopefully, legislators can help stop the shenanigans by pulling the plug on H.410.
ReplyDeleteGoldsboro is God's country for seanc. Bell ought to ask them what's going on
ReplyDeleteSo wait, John Bell is on the SECU Local Advisory Board and he still voted in favor of this bill? And he did not recuse himself?
ReplyDeleteI believe advisory board members get a discount on safe deposit boxes so if Bell was an advisory board member he knew that SECU had them. Probably has one!
ReplyDeleteBell's father was DOT, he should know better. Maybe he needs to remember who brung him to the dance.
ReplyDeleteAnother typical politico getting above his rearing. Always goes to their heads.
ReplyDeleteHayes inherited a ‘STABLE’ institution with $53 billion in assets and a strong workforce of 7000+. The workforce is ‘honest’ and ‘loyal’ to the core with strong work ethics - NOT to any 1 individual or a group, but to the ‘MEMBERS’. Members are our ‘ONE & ONLY’ focus is etched in the hearts of every employee. That is the reason for comments like ‘I’d rather make 35k and help people the right way than screw over millions while making millions any day. I hope you sleep well because I sure would not.’ Though we do NOT get paid like the ‘top brass’, we do what we do because of our love and passion for making a difference in the lives of ‘ordinary people just like us’. It touches our heart and soul, speaks to us and ONLY this makes us sleep well at night.
ReplyDeleteHaving been handed a gold platter, SECU would have just kept growing, even if Hayes hadn’t lifted a finger, since it was already a well-oiled machine with everything in place to run smoothly. Alas, with his arrogance and over-confidence, he has disrupted and is dismantling everything. In spite of this, everyone is fighting to do their best like that comment ‘But 7K employees make a difference everyday trying to help members even under the crazy regime we have now.’
This IS the reason we have this blog. And the blog has comments. Anyone reading this blog can see what is being repeated OVER and OVER and OVER. There is a ‘heart beat’ here.
Hayes et al. can and will NEVER understand it since they are not only ignorant but also immune to everything but THEMSELVES. Add to this the fact that Hayes has NO experience whatsoever in running an organization of this size - $53 billion asset and a workforce of 7000+ AND those he promoted and hired have NEVER been in that role EVER and this is their FIRST time, though they all pretend like they have been born into it. Chicken Little running amok.
Conscientious employees: The dedication to membership, a decent life and a peaceful deep sleep, is a common thread in their relationship.
Hayes et all: The dedication to expanding trade, ‘perhaps’ for personal gain, is a common thread in their relationship.
Heart breaking to see all the sweat and blood of employees and members for 85 years is coming to this.
Well said.
DeleteRegarding the May 25, 2023 letter to employees from the Board of Directors- shame on you, Directors! By penning your name to the bottom of the letter, each of you are being deceitful and have failed to directly address issues at hand. Yet, you profess a desire to have SECU thought of as a “TRUSTed” financial institution. Even at the Board level. I propose that you have lied by omitting the whole truth. I propose that there is at least one of you who lacks the courage to say what is truly on your mind. I propose that there is at least one Director who regrets casting a vote to make it so challenging to be defeated when up for a renewal term on the BOD - Volunteering it can be exhausting and who would have thought you would be where you are today; failing memories, telling fibs, and hiding amongst the group because being a rebel isn’t easy.
ReplyDeleteDespite what Jerry Harmon and others cited as the reason employees to take their business elsewhere, mine was confidentiality. As an employee, I did not finance my home at SECU due to the number of employees who could view my personal information (salary, assets, liabilities). In case you haven’t figured this out, SECU’s employee grapevine is unmatched! My decision had absolutely nothing to do with Bob White or Systematics (at the time)! I recently moved my deposits away from SECU because the passive income of the higher interest rate at a another financial institution was too good to not take advantage of. This decision had nothing to do with technology at SECU - but everything to do with SECU’s choice to not fairly compensate depositors. TRUST me when I say that I would rather keep my deposits at SECU, but I need my money to work for me.
Your letter to employees (hence letter to members) failed to mention the NEED to change the rules of the election process for the Board of Directors. Why? Why was the change necessary? TRUST me, I want to know.
Please have the courage to resign if you don’t have the courage to admit that changing course (leadership) may be the best option for SECU Members and citizens of NC. Without a change in Leadership, SECU will never be trusted by its membership now that it’s dirty laundry of untruthful executives has been aired in public. Please have the courage to resign if you are too tired to disagree with your BOD peers, have healthy conversations and stand your ground for what you have been enTRUSTed to do - your fiduciary responsibility to guide the organization in a positive manner that is fair and equitable to all - not just a select few. Please have the courage to provide meaningful and direct responses to emails that ask pointed questions. Being truthful, owning decisions, and a willingness to change course takes courage. As a Director, do you have what it takes?
Ditto on my reasons for doing my business away from here. Completely agree with the points made 👍
DeleteSame here also
ReplyDelete