"This" Board... over their heads! https://secuvote.ey.com/
✅ Excerpts from legal opinion, Office of the General Counsel, National Credit Union Administration (NCUA):
[From ChipFilson.com...link for entire post]
"As the NCUA Board has discussed at length in rule making preambles going back to 2006, for federal credit unions the law (as determined by the FCU Act) and philosophy align: the directors’ duties flow primarily to the membership. Id. at 77154-55.
. . .we also believe that fiduciary duties are properly owed to people, and not to entities. FCU directors must understand the people who are affected by the directors’ decisions and identify which people the directors are serving.
The danger is that, if the directors are allowed to focus only on the credit union when making a decision – without regard to how the members are affected – the directors can justify making self-serving decisions, or decisions that serve primarily the FCU’s insiders, under the guise** that the directors are simply doing what is best for the credit union." https://secuvote.ey.com/
** ... guise [definition] - pretense, pretext, appearance of someone or something, especially when intended to deceive.
Wow, that about sums it up to a tee!
ReplyDeleteNot to be picky, but does this FCU Act ( Federal Credit Union) apply to State Credit Unions as well?
ReplyDeleteSECU looks to NC credit union laws first but is bound by many provisions of the FCU Act as well as many other federal and state regulatory laws.
DeleteThere is no doubt that SECU is directly accountable on a fiduciary basis to its owners - the members of SECU - that's you, me and over 2 million other North Carolinians!
ReplyDeleteFederally insured vs federally chartered?
Right, SECU is state-chartered (licensed) and federally-insured (deposit insurance up to $250k). That's an excellent example of why many of the provisions of the FCU Act directly apply to SECU.
DeleteOctober meeting going to be more than interesting! I'm sure they are now planning at a furious pace to see how they can keep us out and quiet!!! Let's GO - Game on!!!
ReplyDeleteOh Joy, I just received the dog and pony show video of Chris Ayers and Mz Brady trying to hide their past with a BS show of "our" new direction in our "new" e-newletter. I think I might throw up!!!
ReplyDeleteDid all employees receive this?
DeleteApparently not. I'm an employee and have seen nothing.
Delete