Duke University to provide full tuition for NC and SC families with incomes below $150,000
[link to the article on Duke's announcement]
UNC-Chapel Hill to provide free tuition for NC families making less than $80,000 a year
[link: UNC-Chapel Hill to provide free tuition for NC families making less than $80,000 a year
✅ Two of North Carolina's finest universities have announced major programs to help familes of modest means send their children to college tuition free. Duke and Carolina "get it"!
✅ But at the same time, two of the universities top employees - Ms. Jennifer Haygood (CFO at UNC) and Ms. Stelfanie Williams (VP at Duke) have voted as SECU Board members, to overcharge the majority of SECU members millions of dollars in unjust interest charges through risk-based lending.
❗Two of the key groups penalized by risk-based lending are 1) STUDENTS (think student loans!) and 2) RECENT GRADUATES (first job/entry level pay, little credit history, all those "getting started" expenses!). Even the "current/future" SECU CEO Leigh Brady boasted to SEANC how she had to sign her new college-grad daughter's SECU car loan to avoid the RBL punitive rate!
👉 Ms. Williams, Ms. Haygood, what is it "you don't get" about that too truthful confession by Ms. Brady?
Stelfanie Williams Jennifer Haygood
😎 A couple of reverse Robin Hood's?
❓What's Wrong With This Picture? One would think that representatives of these universities would be interested in hearing the reason risk-based lending is discriminatory and inappropriately profiles SECU members by race, gender, age, and economic status. SECU didn't discriminate for the first 85 years and seemed to prosper. What changed Ms. Williams, Ms. Haygood? Why did you do this to the membership of SECU?
✅ Kind of ironic that university folks are afraid to openly discuss the issue of risk-based lending - isn't that what universities do?
Ms. Haygood in particular should recognize why her 'I don't want to hear it' stance is yet one more example of why UNC keeps coming under fire from the State Legislature - accused of a lack of an open mind, an open dialogue, an open debate on critical issues.
And, Ms. Williams, since you represent "Durham Affairs" for Duke, why not hold an open forum in East Durham to discuss risk-based lending with the neighbors. You might find you are "out of touch" with financial reality! Any reason not to come out of your ivory tower and discuss the facts with real members - including your Duke Hospital/University colleagues and students - in Durham?
Ms. Haygood, Ms. Williams such "noblesse oblige" is unseemly for yourselves, for the universities you represent, and for the SECU members you are failing. Why such disregard for your fellow members, coworkers, students, and young people?
What's Wrong With This Picture? What's Wrong At SECU?
Let them eat cake 'they' said.....
ReplyDeleteHow soon we forget when we were struggling actors waiting on tables... (or maybe they were never in that situation so "they" have no empathy). They now have the power to make decisions that will effect millions of hard working state employees and their families. Isn't that why they wanted to be on the board or am I missing something here?
ReplyDeleteShame on both. Hurting people without reason
ReplyDeletePeople Helping People has now morphed into People Hurting People. RBL is economic terrorism against people of less than modest means. It impacts those on the lower end of the food chain. Those that can least afford a high rate loan get stuck with a high rate loan. How is charging these folks more going to reduce the likelihood the loan will go delinquent and into default? RBL beats down the folks that already are beat down. The board of directors should feel really good about themselves. Generate more revenue off the backs of the poor folks that can least afford to pay. Offer special low interest rates to people with excellent credit profiles and high FICO scores. Banks do this all the time. Now, it has morphed over to the credit union community. Credit Unions were designed for people of modest means - but now RBL smashes the design. The board has no shame.
ReplyDeleteWhat is difficult to understand is what arguments were/are used within the boardroom to persuade this board that RBL is good and helps the membership. Why haven't those arguments been presented to the membership to convince us that it is a good and wonderful thing for the credit union? Even Leigh Brady at SEANC failed in that job. What IS going on? The fireside chats are pure marketing misconstruction of the truth. Where is the data? Where are the financials? What is this board hiding? Why? "The financials might be misconstrued." That is the height of arrogance, only this board can properly read a balance sheet and understand it. Hmmmm.....
ReplyDeletehow do you push "equity" when you now have RBL? oxymoron don't ya think?
DeleteDTH and Chronicle need to know
ReplyDeleteI look at RBL (risk-based lending) this way . . .
ReplyDeleteCan we not (should we not) remember WHY the original 17 members’ organized the State Employees’ Credit Union Friday afternoon on June 4th, 1937?
Who would tell Ms. Williams and Ms. Haygood they will not get the same rate that the rest of the 15 members are getting? It would never happen … right!
That goes directly against the overall PURPOSE and UNDERSTANDING that inspired the original 17!
It just doesn’t make sense … does it!
Ms. Williams and Ms. Haygood are strong enough to overcome the influence … to promote overcharging the majority of SECU members millions of dollars in unjust interest charges through risk-based lending.
The membership with modest means needs your help.
Please reverse risk-based lending today.
maybe they just don't care ... they got "theirs" in life ... no worries be happy!!! So sorry you run out of money with 5 days left till payday. Go see your momma or better yet, Come borrow MORE from us .. CHING CHING!!!!
ReplyDeleteI'm holding out hope that one or more board member(s) "Do The Right Thing" ... "Whoever exalts himself will be humbled, and he who humbles himself will be exalted"
ReplyDeletethe deafening silence speaks volumes .....and actions speak louder than words ... so where does that leave us?
ReplyDeletejust remember as a member, you are just a number to them .....
ReplyDeleteA source of "profit"! One of the things the dog and pony show touts is how much money they are making! REally thinking like a bank these days. Profitable! Credit unions return that money to the membership in low cost loans, and high savings rates? what is this board doing?? why do es this board want to make a "profit"? what is going on here?
DeleteCan any other lenders remember when we did extensions for members on their loans when they had financial difficulties like an unexpected car repair or a parent get sick or any of the myriad of other things that no one plans for in their monthly budget when they are living paycheck to paycheck? Now short of losing your job or a decrease in income we don’t grant extensions on loans. We call it a budgeting problem and tell the member maybe we can lend you some more money to help you over the hump this month but it’s going to make next month even tougher cause you’ll have a new payment. How is that helpful to our membership?
ReplyDeleteIt isn’t. This board isn’t interEsted in benefits for members.. only for themselves
DeleteFake News Fitzy
ReplyDelete