Thursday, August 31, 2023

Alice Garland Is In "An Unusal Situation" - Got That Part Right At Least! Alice Garland is one of the SELF-PERPETUATING NOMINEES for the SECU Board. As you can see from this morning's email below, Ms. Garland finds herself in an "unusual situation" - being held accountable by the SECU membership. Evidently, Ms. Garland doesn't like that!

😎 From: Alice Garland
Subject: NC State Employees Credit Union Board
Date: August 31, 2023  AM EDT
To: "xxxxxx"
 I am in an unusual situation and I am requesting your help.
 You may not know that I am Vice Chair of the State Employees Credit Union (SECU) Board of Directors. In October, I am slated to become the chair. Three board members are up for reelection – Jo Ann Sanford, Thomas Parrish and myself. For the first time in decades, this will be a contested election.

A former SECU CEO is working hard to unseat the three of us. Much of his campaign is the spread of misinformation, and quite frankly, untruths. **** He has 1) painted the three of us as really bad people who need to be removed from the Board. He has made it clear that he is unhappy with the forward-looking changes that the board is making, including: 2) updating IT; 3) instituting more digital options; 4) adding tier-based lending which is the standard among credit unions; 5) and more.

Consequently, I am asking (if you are an SECU member) for you to vote for the three of us.

Second, I am asking that you 6) spread the word about this election among family, co-workers, neighbors and friends.

This is a really important election. We likely will need upwards of 10,000 member votes to remain on the board. May I count on your help?

NOTE: Beginning tomorrow, September 1, and through October 3, you can vote online.

I sincerely appreciate your support and your vote. I wish you the very best.

Alice Garland 


😎 Some thoughts on Ms. Garland's email:

 **** Can't say for sure who "the former CEO" is but I'm pretty sure Ms. Garland means Mike Lord  (could be wrong...😎) 

1) Believe Mike Lord's critique of Ms. Garland and the SECU Board has not been about "bad people", but about "bad judgment". SECU's performance over the last 2 years seems to support Mr. Lord's point!

2) "unhappy about updating IT" - believe Mike Lord has supported updating IT , but has strongly objected to the now ex-CEO lying in the Triangle Business Journal about no tech changes at SECU "since 1983". Ms. Garland remained silent in support of that lie which is probably why "the former CEO" got angry.

3) "unhappy with more digital options" - can't find any reference, anywhere that Mike Lord is opposed to more digital options - neither can Ms. Garland!

4)  "adding tiered-based lending" - Yes, Mike Lord is against race-based lending, red-lining, and unfair discrimination .  One would have hoped Ms. Garland was too.

5) "and more."....  yes, there are many signs of bad judgment at work with Ms. Garland on the Board. 

6) "among family, co-workers, neighbors, and friends" -  Ms. Garland might want to review and update who is on her email list!

😎 [Not sure "The Duck" should be a first recipient, Ms. Garland.]


Wednesday, August 30, 2023

Elect The MEMBER NOMINATED Candidates! - Perkins, Clements, Stone. #3   ... or less at SECU!

Member deposits at SECU have dropped by almost $4 billion in the last l2 months - the first decline in 85 years! Why are SECU members moving their savings away from the Credit Union?  Because the SECU Board won't pay members - many of whom are retirees - a competitive rate. SECU in the past paid members among the best savings rates in North Carolina - that's no longer true!.

The SECU Board is paying an interest rate of just 1% or less on over $26 billion in member savings (MMSA/shares) held by the Credit Union. If you check NerdWallet or other internet sites, you would find the following low minimum, savings accounts readily available in North Carolina -Ally Bank, 4.25%; American Express, 4.25%, Discover, 4.30%; TIAA, 4.75%; Barclay's, 4.35%, Live Oak, 4.15% and numerous other smaller banks. NerdWallet surveyed over 50 financial institutions around N.C. - the SECU Board's lowball savings rates didn't even make the top 25!

What's the lost income cost of SECU's 1% (or less!) savings rate to members vs. the fair market rate of @ 4%? That enormous 3% difference is costing SECU members @ - $780 million each year! Most SECU members can't afford to give up that much money in these high inflation times! Didn't use to be this way in the past; doesn't have to be this way in the future!

SECU Members have independently nominated 3 long time members - Barbara Perkins (Raleigh), Michael Clements (Winston-Salem), and Chuck Stone (Goldsboro) to halt the growing distrust of the existing board members. It's time for a change - and better rates - at SECU!

         Vote Perkins, Clements, Stone! - Nominated by the Members! 

                  (Election starts September 1 -


Elect The MEMBER NOMINATED Candidates! - Perkins, Clements, Stone. #2  

                                                                     ✅ SECU deposits decline...

For 85 consecutive years, SECU enjoyed tremendous support from the folks in North Carolina. For each and every one of those 85 years, SECU grew in assets, deposits, and membership - an unmatched record! But no longer!

Over the last two years, the turmoil and disruption created by the current SECU Board have members voting with their feet - and deposits! - for far more competitive rates elsewhere. For the first time in history, member deposits have been; well, "falling like a rock".....(here take a look):


$ Billions













SECU Members have independently nominated 3 long time members - Barbara Perkins (Raleigh), Michael Clements (Winston-Salem), and Chuck Stone (Goldsboro) to halt the growing distrust of the existing board members. It's time for a change - and better rates - at SECU!

         Vote Perkins, Clements, Stone! - Nominated by the Members! 

                  (Election starts September 1 -

Tuesday, August 29, 2023

Elect The MEMBER NOMINATED Candidates! - Perkins, Clements, Stone. #1

For the last 85 years, SECU has made loans to all members at the same rate! This year, the SECU Board started "risk-based lending" (RBL) - also called discriminatory "race-based lending"! RBL uses credit scores to overcharge many excellent SECU borrowers. fair rate goes to "A" borrowers, with higher loan rates charged to members in the B,C,D,E brackets - almost double the fair rate in many cases!

According to national statistics, using RBL means that on average, over half of SECU members will be paying a higher loan rate (not the "A" rate) simply because you are young, black, or female! That's not fair!
* By age:
Average credit score for folks in 20's: 660 ("C" paper)
*By race:
Average score black folks : 677  ("B/C" paper)
*By gender:
Average score female: 708 ("B" paper)

SECU Members have independently nominated 3 long time members - Barbara Perkins (Raleigh), Michael Clements (Winston-Salem), and Chuck Stone (Goldsboro) to oppose this type of unfair discrimination by existing board members. It's time for a change for the better at SECU!

 Vote Perkins, Clements, Stone! - Nominated by the Members!

Monday, August 28, 2023

Why Not Vote For The Member Nominated SECU Board Candidates?


   ✅ Barbara Perkins, Michael Clements, Chuck Stone

                     * Here's how you can vote (starting September 1):

 👉 To cast an absentee vote online, please visit and follow the instructions on the website to login and cast your vote. In order to verify membership and login to the online voting platform, each member will be required to certify their voting eligibility and provide the following information: (i) the account number for an SECU deposit account owned by the member, either individually or jointly, and (ii) the last 5 digits of the member’s Social Security number. Upon logging into the online voting platform, the member will be presented with the electronic absentee ballot for their completion and submission. If assistance is needed with logging into the online voting platform, please contact Member Services Support at (888) 732-8562.

 👉 To cast an absentee vote via a paper absentee ballot, please contact Member Services Support at (888)732-8562 and request a paper absentee ballot. Following the request, a paper absentee ballot, along with voting instructions, Statement of Background for the candidates, and a stamped pre-addressed mailing envelope, will be mailed to the requested address within 7 business days. Upon completing the paper absentee ballot, the member will submit the ballot by placing it in the provided stamped pre-addressed mailing envelope and mailing it to the election tellers. The ballot must be returned to the election tellers at the address on the envelope; ballots cannot be accepted by branches. Any ballots left with a branch will not be counted.

 👉 Members who attend the Annual Meeting in person and who have not previously voted may cast their vote during the Annual Meeting. The vote during the Annual Meeting will be taken using electronic devices and tallied by the election tellers. That tally will be added to the absentee ballot preliminary results, and the final results will be announced prior to adjournment of the Annual Meeting. 
      Yep, let's put the members back in charge of their credit union!

Sunday, August 27, 2023

SECU Board Elections - Privacy, Integrity, Trust - Too Much For SECU Members To Ask Of "This Board"? - Part 2 

[This is an excerpt of a follow-up email to the SECU Board [see preceeding 8/27 post for original ask/response], requesting information and transparency on SECU Board election procedures]

🔆 To:< Board Corporate Secretary Cc: CHARLES STONE , Michael Clements [8/26/2023]

To the Board of Directors, NC SECU Management, the Election Committee and the election facilitators:

In obtaining the signatures required by the Board to self nominate, the members had several questions and concerns not covered by the information indicated in your prior posts which is why I requested the meeting with the election facilitator. I would think that the Board would welcome opportunities to show that transparency is a priority as stated on the NC SECU website. 

I had hoped for a stronger indication of appreciation of your primary fiduciary responsibility to the membership. There are only 3 candidates who don't already have access to the election facilitator. 

Regardless, I would be happy for the Board to be the entity to ask E & Y my questions and reply to this email for clarification. E & Y still has an ethical responsibility to the AICPA, NCACPAs, and the NC State Board of CPA Examiners which is why I prefer to get the answers directly from them

My first question concerns the privacy of the ballots. I would think that the Board would want to assure the membership about voting privacy. Will any member of the Board or management of the NC SECU, either directly or through any other conduit, have any way of identifying or associating the name, account number, or other identifying data of a member with the candidate(s) they voted for? 

My second question concerns equal access to relevant information to all candidates. I also think the Board would want to assure all the candidates that each has the same access or lack thereof to the same information. Will anyone have access to the relative status of votes for each candidate in the election at any point in time? If so, who specifically will have that access? Will E & Y be reporting any of the votes cast for each candidate to anyone before the conclusion of the vote at the annual meeting? If yes, will that information be available to all? 

Having been trained in internal controls, I would like to review the plan for verifying the eligibility of the voters, the process of sending and receiving absentee ballots as established by the election facilitators, and the access to the electronic voting and summary files. In general, I would like to review the entire processes of the election facilitators. 

My other question at this time concerns how members with joint accounts will be able to vote. Has the election facilitator made provisions to recognize all parties on a joint account to vote in order to allow votes by each party over 16 on the account? If yes, will they need to or can they vote using different mediums, e. g. online vs absentee vs in person voting? If yes, can the Board add the clarifying information to the published voting information? 

My questions are not meant to be critical. I believe we have a mutual goal of conveying accurate information to the membership. "

 Sincerely, Barbara Perkins 


... Well, if you had any doubts about the quality of the SECU self-nominees... hope the intelligence and integrity of this request clears that little question up!