✅ According to the [finally released] financial statements: https://secuvote.ey.com/
✅ According to members still waiting in queue at the Call Center:
✅ According to the Call Center staff:
✅ According to APCO ["this" Board's "make us look good at whatever cost" PR firm.] after applying the full spin cycle:
The Spin Cycle! https://secuvote.ey.com/
Chant it loud, chant it proud!
"SECU - YABBA DABBA DOO!"
"SECU - YABBA DABBA DOO!"
"SECU - YABBA DABBA DOO!"
... imagine that spin cycle took awhile, it was definitely a full load. https://secuvote.ey.com/
Wonder what the vote was to hire Leigh Brady. Another 6-5? If so, where are these board members and WHY aren’t they speaking up? Is there not one single advocate for the member left on the board? Have they all gone over to deception, lies, obfuscation, elitism? No one left to advocate for the state employee who lives a prison guard salary, teacher salary, etc? What has happened that not one is advocating for the financial betterment of state employees and their families? The mentality of the lottery is apparent. Seek those tickets to low income folks! Go get their money. Let’s see how much of the low income folks money we can take?
ReplyDeleteIt's the New World Order SECU style ... I'm sure they ran this through the spin cycle also!
DeleteLeigh stated that the board told her it was unanimous
Deletenot what press release said and this board loves to say "unanimously", so since it did not one assumes a split vote. Again.
Deletehttps://www.ncsecu.org/PDF/Press/20230613_SECUBODNamesNewCEO.pdf
6 of the 11 board members were sure that Gym Haze was a superior candidate to Brady 2 years ago! What a recommendation! They've "got your back" Leigh, don't worry collect your $$$$
Deletebet she won't get 6.5 million! poor Leigh
DeleteThey need to hire more staff instead expecting workers to meet ridiculous quotas.
ReplyDeleteWhat about the cash app issue also?
ReplyDeleteWhat does cash app issue mean?
DeleteAt the end of June there was an issue where debit cards approved transactions no matter the amount members had in their account. Dead beat members shared it on Facebook and sent to themselves via cash app thousands of dollars. Looking at a 30 million loss. Not including the loans that won’t be paid now.
DeleteWhy can't you collect it if you know the members involved?
Deletesurly they ain't still members ...
Deletejust a small error. To be expected when the cu is updating systems that hadn't been updated since 1983! It takes time to fully destroy an excellent business and rebuild it to mediocrity! This board is doing it as fast as it can!!
DeleteHow many members were involved in this?
Delete@9:52 as the saying goes you can’t get blood out of a rock. Members who only have a share account and a -4000 checking there isn’t much you can do. The collection efforts on this has been placed on the branches and they are doing the best they can.
Delete@8:23 about 20,000 members. Currently looking at losses around 30 million.
“Never ask someone to do something that you wouldn’t do yourself….right?” In the early 1980’s, the credit union returned demand deposit checks, and sorting the checks was done by hand. It was a tedious process. Everyone in Raleigh chipped in to sort their trays of checks. It was hard to “bitch and complain” when Jim Blaine was sorting his trays of checks too. In the late 1980’s, the credit union was inundated with home equity loans. Approving them and processing them was time consuming and we often worked after hours. Again, it was hard to “bitch and complain” when you got numerous home equity packets that were compiled, reviewed and approved by Jim Blaine. He was pitching in to help us all "in the field" with the burden. I really can’t see anyone in the new/new upper management, especially the outside hires thinking they would stoop to help the “employees in the field”. After all, the “new/new” and outside hires are smarter than everyone else and they just make the rules….they don’t have to play by them.
ReplyDeleteGiven the lack of competence and attention to detail Hayes consistently demonstrated, you really wouldn't want him processing loans, lol.
DeleteBrady? Well I guess we'll see soon enough.
"... just make the rules….they don’t have to play by them." Sadly that is how society is becoming in a nutshell...
Deletethey couldn't do it if they wanted to. You think Brady could answer the phone and field questions from members??!
DeleteThe board, and all the newly hired SVPs and EVPs do not even know what it means to work anymore. They take their max PTO that was handed to them by Hayes and collect their 6 figure salary (also given by Hayes) and go on about their business in their home states. (NOT NC) I wonder if these SVPs and EVPs have even been to a branch, or NC for that matter?
Deleteas a member, this is amazing to me. mangement lives out of state and doesn't come to the office? what do they manage? I always thought managers at SECU worked with other people, training supervising etc. in addition to doing specific jobs--audit, running a branch or several, tech, etc. so people actually work there but not physically and have supervisory positions. Sounds like a major breakdown in the making. How do they know what is going on?
DeleteThey rely on that incestuous Board who think they know it all. Heading over the cliff, watch 'em plunge.
DeleteWill this be our ad campaign for the World Series, since we missed the Super Bowl?
ReplyDelete"2023 Quarterly Financial Summary
ReplyDeleteState Employees’ Credit Union (SECU) remains in strong financial condition. Loans and capital grew while assets and deposits declined slightly over the past twelve months. In addition, delinquencies and loan losses increased but remained manageable. SECU members benefited from solid financial results which continue to provide for a safe and sound institution as the economy works through an unprecedented period, high periods of inflation, monetary tightening, and interest rate hikes. "
Well there it is, it says so right here... none of these problems are from the BOD or CEO. Huh imagine that ...
Yep. Making a profit. Looking at the bottom line, High loan rates, low interest rates. And then this board is NOT returning the profit made to the members. Who then move their assets elsewhere. simple in a non-profit what one should do. first fire the board for neglecting their duties to the membership. This board thinks like a BANK. Wannabe bankers!
Deleteoh just like all companies they highlight the positive but bury the negative ... just like a retraction in a newspaper that's buried on page 17 ....
DeleteInteresting isn't it, how NCSECU continued to grow during the 2008 crisis and the high inflation era of the 80s (21% interest rates!!) and helped a lot of members through some pretty terrible financial times. NCSECU continued to grow through the pandemic. Only been with this board and its outside management hire, and Leigh Brady, with no branch experience or empathy for members, that NCSECU has shrunk. could it be that this board, Hayes (we KNOW Hayes is the worst!)and Brady are poor business men and women. That this board and the management this board has selected doesn't know what they are doing?
DeleteThey are listening to people that don't have the membership in their best interest. I believe their hearts are not in the right place. These folks aren't dumb and they are above the age of accountability. This shows their character. Now will this choose to go down this road or "Do the Right Thing"? I see no evidence of course correction.
DeleteHave they been released? Where is the link?
ReplyDeleteYes. After pressure from this blog and having it pointed out by the regulator that NCSECU was not complying with the law, This board had no choice. they had to release the financials. they shoulc be available in any branch.
DeletePerhaps the board is doing things that are detrimental to the best interests of the Credit Union?
ReplyDeleteAs a former staffer who observed a lot of governance/compliance stuff first hand - I'd not want to sit through the next regulatory compliance encounter since a lot of very mature processes were seriously downgraded under the new
ReplyDeleteAdmin. It should make for some interesting high spin press releases.
what should we be looking for?
Delete