SECU "This" Board's New Election Procedures...
... a sleight of hand, a slap in the face, a kick in the...
✅ August 5, 2023
Ms. Kristina Ray, N.C. Administrator of Credit Union kristina.ray@nccud.nc.gov
cc: Ms. Rana Badwan, N.C. Attorney General's Office rbadwan@ncdoj.gov
Ref: SECU Board Elections
Dear Ms. Ray,
Thank you for your response (8/2/2023) and willingness to pursue the issues of concern over the illegal board elections being conducted by the SECU Board of Directors and the recent SECU bylaw changes. Thanks for stepping up. Your involvement is important, since the illegal elections directly impact over 2.7 million SECU members and diminish the positive reputation of all North Carolina state-chartered credit unions.
We are requesting another opportunity to meet with you and Ms. Badwan from the Attorney General's office early in the week of August 7/11 to discuss your views on how best to pursue these matters on a reasonable and amicable basis if possible. As you may know, the SECU Board candidate selection process ends on August 11, at which point mitigation of the illegalities may become impossible. We would hope that further damage to the reputation of SECU, other credit unions, and for that matter the entire State can be avoided, with your prompt assistance. We are prepared to meet on any day and at any time next week which your schedule permits.
North Carolina state-chartered credit unions have a strong history of compliance with State laws, rules & regulations, and their bylaws. Credit unions in North Carolina have always operated on a highly-principled and ethical basis, so you may find it difficult to find any precedence for what is occurring with the SECU Board elections. You will however find voluminous legal precedence and opinion on the illegality of this election on both the federal and international levels.
It is simply illegal for the SECU Board of Directors to exclude any SECU member, who is 18 years old and willing to serve, from independently petitioning to become a candidate for the SECU Board of Directors. SECU's Board election procedures defy the law, bylaws, long-held cooperative principles, and any normal sense of fairness.
State credit union regulators routinely look to their federal counterparts for guidance on unprecedented issues - a prime example of why the "federal parity" provision (§54.109.21(25) has been a part of North Carolina law for decades. Far more fundamentally as the Administrator, if the SECU Board is permitted to conduct an illegal election; then without question, the safety and soundness of the SECU will risk impairment.
The SECU Board should not be permitted to unilaterally act - with unbridled audacity - to impair and consistently ignore the best interests of the SECU membership - 2.5+ million of those members are your constituents in North Carolina.
As noted, time is of the essence, as the candidate selection process ends this Friday, August 11, 2023. We look forward to hearing from you as soon as possible. Thank you.
Sincerely,
Jim Blaine
... a "Ray" of hope for North Carolina?
Corporate Communism ....
ReplyDeleteThe fact that the people up for election can decide who they run against... it's just absurdly undemocratic.
ReplyDeleteWhy aren't there term limits? Local ones only get 8 years but these folks don't have any type of limit do they?
ReplyDeleteAgain, this Board imposed term limits on local Advisory Board Members all across the state ----- But, they have strategically changed bylaws and election rules to give themselves unlimited power and control over SECU. Off the Board and Out of the Credit Union is what these Directors have earned for themselves, they are unfit to make decisions with our money.
DeleteThis issue needs to be dealt with as soon as possible for the safety and soundness of the entire credit union industry. The 2nd largest credit union acting in such a manner diminishes the reputation of all credit unions at the expense of every single credit union member.
ReplyDeleteNo confidence in This Board to ever do the Right Thing for the credit union and it's members. We have seen enough of their lack of honesty and integrity. Trusting Ms. Ray and Ms. Badwin will be able to see it all too. Return SECU to it's rightful owners please.
Delete100% Agree. These are the same Ones who spent over Six Million Dollars of our credit union money to bring former CEO Hayes into SECU. Past time for these Directors to own their incompetent decisions and the consequences they have dumped on us members. The do not own our credit union and do not have the right to change election procedures for their own benefit. It's called dirty dealings- ethically and illegally up here in my part of the state.
Delete"Why Are They Afraid of The MembershIp?"
ReplyDeletebecause they know what they are doing is wrong...
This. Right. Here. They DO know what they are doing is WRONG! I'm so ashamed of how OUR credit union is being operated. I used to be so proud of being an employee but not at this very moment. I wish that we, as employees, could help fight but we have to protect ourselves to keep our jobs.
DeleteUnderstandable and unfortunate SECU employees cannot be more vocal. Scary to think how much we actually don't know about what these Directors have done to our credit union.
DeleteWho has forgotten those Financial Statements were not made available to the member/owners for over six months, even with individual calls and email requests asking to see them? Not this Member! Without outside intervention, we would not have them now. Why should we trust anything This Board does? We don't!
There is no defense for the actions done by This Board! Whether their decisions over the past couple years were driven by their thirst for Power or Money, it really doesn't matter at this point. SECU and the Membership have suffered too many losses due to This New/New Direction and this New Administration which has proven to be an absolute failure on every change they have implemented. This is not an opinion, Facts in black and white are available for all to see in the Credit Union Financial Reports. Continued downgrade in services. Mismanagement of our credit union money and now they think we members shouldn't contest their upcoming election changes? Don't really care how many attorneys are on This Board, or whatever other occupations these Directors hold. This Board has lost their way in regards to SECU and the Membership. This Board has placed SECU in a dangerous position and continues to do so.
ReplyDelete"I Will Stand For Truth, Even if i Stand Alone"
ReplyDeleteSophie Scholl
Has anyone told Rep. John Bell about this stuff. He needs to know he has been sucker punched by SECU.
ReplyDeleteUnless he lives in a cave, I'm sure he's aware ...
DeleteDon’t count on it. Do you think the 2 million SECU members know what’s going on? Heck people paying attention don’t know because this board hides behind secrecy. Will there be an in person meeting? How will the vote be conducted? Nothing is transparent here.
DeleteLook at all the wasted new positions filled by outsiders. How much of our members money could be saved by getting rid of some new people and even at least 1 entire department? Wonder how much Culture Dept is costing our members? Just look at the agenda for this week's meeting with all the new speakers. Can't wait to see if Leigh will actually make some big changes and soon to start fixing things
ReplyDeleteDon’t hold your breath on that.
DeleteAmen to that. Leigh-lackey Brady no way
DeleteIt would appear she was behind the agenda this board requested to Jim Hayes to fulfill, she is part and parcel of the new/new. All she is trying to do now is slow things down, calm the waters, and get past the election. then it will be full speed ahead with New/new with Brady and this board. They don't care one bit about members and the members' financial situations. otherwise this board and Brady would never have implemented Risk Based Lending and done away with the Loan Review Committees.
DeleteCrony Capitalism
ReplyDeleteAs a 40 year employee I am In all about this! It just seems so unreal! Looking forward to hear what is said at the meeting! It makes me cringe to think we have to look and listen to the board !
ReplyDeleteWhy? This board and Brady have never answered that question. why have they divided the membership into elites and others? Have this board's goals been met by doing this? what were the goals? what are the metrics to measure the success, or lack of? Is it to rake in "profit" from the membership in loan rates? is that what a credit union should do? Are the "profits" being returned to the members who generate it, or to the elites? Are any of the "profits" being returned to the membership? why are operating expenses escalating? what is this board going to do about that? How about what times at the call center? How about that outside hire? How about not publishing the financials? What DOES the legal department do, if it isn't familiar with NC credit union law? ( offering to merge with LGFCU--clear violation of the law, not publishing financials, another clear violation meaningless but intimidating additions to self nomination process, denial of self nominating "official" petition--why does a member need an "official" petition, is it printed on parchment?) this is just a short list of this board's transgressions, and total lack of transparency, honesty and integrity. Vote them all out. Let's run 11 people for the board.
ReplyDelete