Here is a series on the severe erosion of trust by both members and staff in SECU. [...going to move fast again.] Not much denying that a wide chasm of concern has developed over the last 2 year. Why is this happening?
The "problem lies" with the SECU Board of Directors - not with the "current/former" CEO, nor with the "current/future" CEO. Both of those folks are complicit, but more willing puppets than independent actors. The "problem lies" with the SECU Board of Directors - let's look at some examples and "name names".
First, let's establish a baseline. Prior to September, 2021, SECU had an uninterrupted 85-year record of growth in assets and membership, un-besmirched by sanction or scandal. Regardless of your opinion of the "current/current" SECU, I have heard no one question that statement - which is substantiated by cold hard, provable facts and data. Prior to September, 2021, SECU was prospering. Whatever the "SECU Strategic Plan" was then - worked. Those quaint ideas of "Do the Right Thing" and "Send Us Your Mama" were understood by - and practiced - by the staff and believed by the membership. Fairness was the hallmark of SECU.
But the indiscriminate selection of an implausible new leader in 2021 by the SECU Board of Directors set off a firestorm of controversy, dissension, and distrust among the SECU staff, which was not long in cesspooling out to the membership. How did that happen and then fester?
Although far removed from SECU by retirement and focused on other matters (chickens, daffodils, and sauvignon blanc), the "calls" started coming early in 2022. Ignored those concerns initially, as nothing more than the normal "whining reaction" to change. Change always creates "winners and losers" as new leadership moves into place. Get over it, right? But the calls continued and became more specific, more issue oriented, and more concerning.
Those calls led to the resolution [link to resolution] at the Annual Membership meeting in October, 2022. The resolution asked the SECU Board for an explanation of 6 issues: LGFCU merger, open membership, risk-based lending, commercial/business lending, end of N.C. focus, and tax prep services. The key seventh question was: "How do these changes benefit the current SECU membership?"
The response by the SECU Board seemed promising as "Fireside Chats" were scheduled for late November, 2022.
Let's take a look - in my opinion - at how Chairman Chris Ayers triggered the cascading decline in trust and respect for the Board of SECU - and for the entire credit union. Stay tuned!