February 18, 2023
Chairman Chris Ayers
SECU Board of Directors
119 N. Salisbury Street
Raleigh, North Carolina 27601
Ref: SEANC Resolution Regarding Risk-Based Lending at SECU
Dear Chairman Ayers:
The State Employees Association of North Carolina (SEANC) represents over 46,000 state employees in North Carolina, most of whom are members of the State Employees' Credit Union (SECU). SEANC has followed with great interest the recent discussions over the future direction of SECU. SEANC is particularly concerned with the introduction of risk-based lending at the credit union. It seems clear that risk-based lending will adversely impact the future cost of loans for a majority of state employees, not just SEANC members - and all members of SECU. SECU intends to introduce risk-based lending as of
March 1, 2023. SEANC is committed to protecting and enhancing the rights and benefits of current, retired and future state employees. With SEANC’s mission statement and the mission statement of SECU, and given our concern over your action, the SEANC Board of Governors, at its meeting on February 18, 2023, approved unanimously, the following resolution:
"The Board of Governors of the State Employees Association of North Carolina (SEANC) requests that the Board of Directors of the State Employees' Credit Union (SECU) rescind its approval of the risk-based lending program at its upcoming board meeting on Tuesday, February 21, 2023. The SEANC Board also requests that the SECU Board confirm its action with SEANC’s Executive Director Ardis Watkins, by no later than 5:00 pm on February 24, 2023. Should the SECU Board refuse to rescind implementation of the risk-based lending program, SEANC reserves the right to pursue all avenues available to block implementation of that program; and further, "
STATE EMPLOYEES ASSOCIATION OF NORTH CAROLINA, INC.
...or would you prefer to just keep smiling at SEANC and the membership, and act like nothing "unusual" is going on at SECU?
... looks like "your ship [er, "yacht"] is about to come in"!