Friday, June 23, 2023

SECU New Culture/New Direction - May, 2023 Financials

 😎 Your senior leaders (both the "current/former" and the "current/future") are trying to convince the SECU working staff that "SECU's financial progress" is the fault of the Federal Reserve! That seemed to be the "bottom line" of this week's statewide, staff-wide Webex. Were y'all able to listen in too? Easy to do, y'know. 

Board of Directors Group Image   

❓Don't the policies of the Federal Reserve equally affect all credit unions nationwide? (It's not like risk-based lending which punishes the weak and vulnerable, is it?)

😎 Just for the (accurate!) record for all U.S. credit unions, here are the official federal regulatory (NCUA - link) data:

Total assets in federally insured credit unions rose by $93 billion, or 4.4 percent, over the year ending in the first quarter of 2023, to $2.21 trillion. 

✅ SECU declined by - 4.5%... below "industry standards" by - 9.9%!

Insured shares and deposits rose $39 billion, or 2.3 percent, over the year ending in the first quarter of 2023, to $1.73 trillion

✅ SECU total deposits declined by - 5.7%... below "industry standards" by - 8.0%! 

 😎 Know you say that SECU is not a "yacht" (we all agree with that!), but let's make sure SECU never becomes a...


https://images.indianexpress.com/2023/06/Titan-submersible-20230620.jpg?w=640

Those corporate leaders - like the "All Smiles"? - unquestionably "knew/knew" they were "right/right" too, didn't they....


.... why not take a "deep dive" look at the real progress of  your "new/new" SECU?  Make sure there aren't any signs of internal stress ...



17 comments:

  1. What is the cost of the new/new culture, business lending, marketing and other departments? What is the excess salary cost of the incomprehensible number of new externally hired EVPs, AEVPs, SVPs, and VPs? We are not stupid - they didn’t come here for what existing staff would work for. How do you have departments with managers and no people to manage? What was the business need for these? What was the unmaterialized anticipated return? Why did we start a business lending dept when (correct me if I’m wrong) we can’t engage in business lending because the proposed HR 410 legislation is effectively dead?

    6.5 Million dollars of our members’ money. For what? To lose nearly $3 billion and counting? It’s not your money, BOD. We are not a commercial for profit bank. Explain yourselves. Real answers only.

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    Replies
    1. The security dept grew to almost 100 people in a year.

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    2. Applause from this member, @ 10.40. WE DEMAND ANSWERS!

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    3. Loan Admin went crazy hiring outside execs:

      AEVP - Real Estate Lending
      SVP - Real Estate Lending
      VP - Real Estate Lening
      VP - Construction Lending
      SVP - Loan Compliance
      SVP - Business Lending
      VP - Business Lending
      VP - Lending Iniatives

      These are the ones I can think of off the top of my head... there are probably more. So much for working your way up.

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    4. Loan Admin is a huge part of our problems, hard to believe the previous and present leader came from the branch world. I guess people do forget where they came from...

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    5. Seems Harmon made a mess and left, but left others to make a bigger mess of lending. Those automated approvals are working out well too, just ask Collections

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  2. Considering the business acumen demonstrated by this board and management, full speed ahead is the order taking this board and Leigh Brady down to the depths in an terrible implosion.

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  3. And the membership along with them

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  4. It’s an inability of all 11 to accept responsibility for the direction of the credit union. “It’s not my fault.” Is their motto. The credit union grew through tougher times than this board has had to deal with. Not only grew but continued to treat members fairly. This Board is unable to accept that their strategic plan isn’t working. Must be some body else’s fault because this board, led by Alice Garland and Chris Ayers believes they are never wrong always right..

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    Replies
    1. @5.08 Perfectly said. Now how do we boot them?

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  5. As if the financial situation isn’t bad enough I have heard Rumblings within IT that some of the mor mature employees that have been demoted or push out and replaced by much younger less qualified could be planning discrimination suits. People this can only further hurt our organization! BRADY just needs to fix the problem. Bring back previous leaders!

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    Replies
    1. Bet the previous leaders were not allowed input in decisions on new soft ware, or what they thought about moving everything to the cloud and outside so that NCSECU no longer had control over anything? Why would they want to come back when NOTHING has changed. Same arrogant fools are still running things.

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  6. At the close of one of the manager’s meetings of long ago, a statement was made that I will never forget. Integrity IS a competitive advantage. Remember that. How can a culture that is desired and admired by so many be made better by those who were not “raised” in it?

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  7. Whistleblower resource:

    https://ncua.gov/about/inspector-general/hotline

    Employees should report any situation that involves suspected waste, fraud, abuse or mismanagement of NCUA programs, operations or assets.

    Examples of matters that should be reported include:

    Contract and procurement fraud and collusion;
    Bribery and acceptance of gratuities;
    Gross mismanagement;
    Misuse, embezzlement or theft of government property or funds;
    Employee misconduct, such as misuse of official position or acceptance of unauthorized gifts and other illegal or unethical activities

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  8. this is nothing but a hostile takeover

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    Replies
    1. Agree! And we're mad as hell!

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  9. these folks are hijacking the CU for their own personel piggy bank

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