It’s Time to Vote Now!
Mike Lord
Ms. Garland is mistaken. [see 8/31 post - link] Let me be clear. There are two former SECU CEO’s (and many other folks) working to unseat her and the other incumbents on the SECU Board. Their track record over the past two years speaks for itself. It has been one train wreck after another for our Members, Employees and the Reputation of SECU. https://secuvote.ey.com/
Allow me to address a few of the many issues “This Board” is responsible for either through actions or inaction:
1) The Board hired an inept candidate as CEO (Jim Hayes) who attempted to eviscerate our longstanding culture of member service with the full support of the Board and then papered - over the deed with a slick advertising campaign. https://secuvote.ey.com/
2) The Board directed or supported Mr. Hayes strategy toward SECU “Legacy” employees which was to demean, disregard and disrespect them and pass over the most experienced senior staff for promotions. Ms. Garland is on record as identifying our longstanding and successful “promote from within” philosophy as being terrible and that SECU “needed new blood.” Tell that to our employees who would like to build a career at SECU as their skills, experiences and expertise increase. Grow our own managers and hire outside expertise when necessary was a strength; not a weakness. It resulted in highly qualified, seasoned and experienced employees who served our members exceptionally well. https://secuvote.ey.com/
3) The Board repeatedly supported the lie that our computer systems hadn’t been improved, enhanced, or replaced since 1983. Another example of denigrating the excellent work and reputations of over 500 current IT employees and those who preceded them. They were constantly making improvements over many decades. They deserve huge praise; not private and public criticism and ridicule. It’s shameful that the Board supported this public propaganda. Let’s turn the lie around and assume it was true. Shouldn’t “This Board” be fired for not improving member service delivery systems for decades? https://secuvote.ey.com/
4) The Board put in place the abomination that is credit-scored interest rate setting on vehicle loans and plan to put the same scheme in place on mortgage and consumer loans. This discriminatory “industry standard” practice has already hurt thousands of members and their
families. We can and should stop this practice immediately. It is unnecessary and cold-hearted. SECU was formed to provide fair and reasonable rates to ALL members; not punish the many, to benefit the few. The simple solution is to lower the interest rates for ALL. https://secuvote.ey.com/
5) The Board refused to renegotiate the contract between SECU and Local Government FCU (LGFCU) to continue providing access to SECU branches/ATMs/Contact Center/Back Office services. This arrangement benefited the members of both credit unions for 40 years. The Board is booting out LGFCU and disenfranchising 400,000 LGFCU members. This will also eliminate $55 million a year in income ($550 million over the next 10 years) to SECU. These funds could be used to sustain, upgrade and replace SECU software and hardware systems. LGFCU members would continue to get access to branches and other services; SECU members would receive financial support to defray the cost of investments in systems and the personnel it takes to operate them. The win-win that this has proven to be over decades will become a lose-lose for all members of both credit unions. https://secuvote.ey.com/
The current Board will not make needed changes in culture, products, pricing, services and fairness to our Employees and Members. They are good people who have selected the wrong direction for SECU members. We need to return to our roots and elect new Directors. https://secuvote.ey.com/
Spread the word to family, friends, neighbors, co-workers and other SECU members using all of your social media accounts. Ask them to do the same. Provide the voting link from the SECU website or below. Current and future SECU members are depending on us! https://secuvote.ey.com/
Thank you!
Mike Lord
46 Year SECU Employee
Retired as CEO in August 2021
... and just in case you missed it...
Excellent! United we can do this! Get the word out!
ReplyDeleteWell said! Thank you Mr. Lord!
ReplyDeleteI applaud you Mr. Lord! Written from the heart with a voice filled with pure credit union philosophy - just stating the truth and the facts! SECU is worth fighting for and it's time all those on the sidelines, move to center court. Time to kick the bad players out of the game. SECU Members and Employees for the win come Annual Meeting Day. #SECU Strong!
ReplyDeletePreach on Mike Lord! Members/employees have been mistreated long enough . Time to get back to the mission of " people helping people " ! We will win and win big!
ReplyDeleteThat is wonderful and encouraging. So thankful for all our retired employees that haven’t even had a chance to start their retirement for fighting for SECU’s existence.
ReplyDeleteMemo to the board (and C-Suite's): be careful who you step on to get to the top, it may come back to haunt you!
ReplyDeleteSure wish this board would turn in their resignations and let us member owners get on with restoring the credit union! There are still excellent employees working at SECU who know what needs to be done and can do it. Let's put Perkins, Stone and Clements in with such a victory that this board will resign!!! CLEMENTS! STONE! PERKINS!
ReplyDeleteThanks to all who have provided info to SECU members on this issue. I am appalled to learn what the current Board has done, and have voted today for Perkins, Clements and Stone.
ReplyDeleteFrom a true leader that has and deserves the respect of all members and employees (except apparently a few misinformed board members).
ReplyDeleteSo where did they get the idea that everyone needed to be replaced - former head of HR Leigh Brady perhaps?
Her words, and I quote "Blow it up" when referring to legacy groups in IS & Operations.
DeleteThis was well before Jim Hayes came to town. Apparently she felt the way to do that was to hire parallel positions and force the dedicated, hard working, loyal leaders out of their positions. She wont change her tune until the board is replaced.
When I first began hearing about SECU being in turmoil with the new CEO Hayes I was concerned. And I haven't wanted to believe it, but I've always thought there had to be Someone or a group of Someones from within the credit union - in pursuit of their own personal gain and titles - fueling this firestorm and This Board's out of left field idiotic actions. Seems to be very clear now This Board of Eleven doesn't know or understand State Employees Credit Union, the Members or the Employees and have no desire to do the right thing. Let's Vote these people out of ever making decisions for us again. Asking all NC state Employees to vote for Perkins, Clements and Stone - we need our credit union leaders making the right decisions for us and SECU.
DeleteWell said, Mike Lord! You and Jim Blaine are highly respected and appreciated more than you will ever know!
ReplyDeleteAnd thank you too Ms LaBarbera for looking after our senior members while protecting them from scammers!
DeleteI've been just an average Joe member for many many years. Before I ever found this blog I had been asking myself how SECU was losing money, why in the world did they go to credit scoring for loans (by the way for any board member or management employee reading this - I've done EVERY SINGLE LOAN through SECU for the last 10+ years and in almost all of those cases I could get lower rates elsewhere but I always chose SECU - even when I could get an auto loan for 0% I chose SECU - most people told me I was crazy to pay interest when I could get it for free but you see to me it was more about the peace of mind knowing that if something went bump in the night I could walk in sit in front of someone and they would help me so I was MORE than happy to pay for that). SECU is something pretty special and I'm so happy to see all of the focus and grassroots members and employees alike are doing to keep SECU special. I saw a comment in another post about one of the current board members up for reelection stating that something was in line with other credit unions and I saw an employee reply and say we don't want to be the standard or the status quo we want to be (and have always been) in a league of our own - I grinned ear to ear because I know that to be true too! So thanks to all that are pouring hours, sweat, and tears into this effort. This member appreciates everything you are doing. My vote is in for Perkins, Clements and Stone - LETS GOOO!!
ReplyDeleteYou're not an average Joe, you my friend are a Member / Owner of the best credit union in the world!
DeleteBtw "by the way for any board member or management employee reading this - I've done EVERY SINGLE LOAN through SECU for the last 10+ years and in almost all of those cases I could get lower rates elsewhere but I always chose SECU - even when I could get an auto loan for 0% I chose SECU - most people told me I was crazy to pay interest when I could get it for free but you see to me it was more about the peace of mind knowing that if something went bump in the night I could walk in sit in front of someone and they would help me so I was MORE than happy to pay for that)".
I second that word for word!
Thank you for believing in us. I know we’re doing the right thing when members put that kind of trust in us. Wish I could erase the last two years of bad board decisions but I’ll do whatever I can to keep doing the right thing for our members.
DeleteKristina Ray…where are you?
ReplyDeleteYeah, where are you?
DeleteMy guess is her boss said to "stand down" ...
DeleteWell said. Appreciated by all. Thanks!
ReplyDeleteDitto
DeletePerkins, Clements and Stone is just the beginning ..........
ReplyDeleteThank you, Mr. Lord.
ReplyDeleteThank you Mr. Blaine, Mike Lord and everyone in the trenches fighting for SECU! It is very much appreciated! 27 family members and friends voting Perkins, Clements and Stone!
ReplyDeleteTHANK YOU to this distinguished crew! All true leaders! As a very concerned employee I am diligently campaigning for Clements, Perkins, Stone!! Employees PLEASE vote! Let’s stand together!!
ReplyDelete"They are good people who have selected the wrong direction for SECU members."
ReplyDeleteAre elitist, lying, narcissistic a$$holes "good people"?
THANK YOU! On behalf of all members and employees (the hard working ones actually helping members not the ones just collecting salary and PTO from wherever they are currently vacationing)
ReplyDeletehttps://chipfilson.com/2023/09/the-contested-board-election-at-americas-second-largest-credit-union/
ReplyDeleteSECU member/owners are the heartbeat of NC ... hard working individuals who constantly are having to fight for everything they get. The last thing they need is their CU being part of the problem while they're working to improve the lives of these board members...
ReplyDeleteJust in case you think that you're the only one concerned about the future of SECU... the blog crossed the million hit mark today (active for @ 7 months)... so it ain't just you and me talking to each other...THANK YOU for stepping up to support "Doing the Right Thing"... it is an important matter to North Carolina.
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And thank you and all the previous leaders (including those who had the courage to start NCSECU). Without y'all we wouldn't know what the real "Industry Standard" should be!
DeleteMost folks don't understand the real concept of a co-op ... it surely isn't being practiced now ...
We live in a world where everyone thinks 'what's in it for me'... they don't have a servants heart.
Sometimes you don't know what you have until it's gone and then it's too late ... we are definitely on the cusp of losing the CU ... 'and just like that it's gone in the twinkling of an eye'!
Preach it Brother!!!! Hell to the YES!!! Vote them OUT!!!
ReplyDeleteInterest rates went up today on two loan types that are secured. Home equity lines of credit are up to 7.75% (the old credit card rate), and salary advance loans went up to 17.25% and 10.75% (depending on whether you've secured the loan or not). Since when does a secured $500 loan justify 10.75%, which is the same rate as the signature loans used to be (before discriminatory lending kicked in March this year)? Why should the most disadvantaged folks who depend on their salary advance loan to build credit, create savings, and for emergencies pay 17.25% when our risk is $502?? When the share-secured rates went *down* (hint: the share-secured loans mean the borrower already has the money on deposit, and you could argue they don't even need the loan). It's another example of lower rates to folks that don't need it, increased rates to the disadvantaged, and generally not treating members fairly. Vote Clements, Perkins, and Stone!
ReplyDeleteOne point to add to this post is that once a member starts down the path of a SALO, they can't simply stop. They have to keep riding it out until the SALO savings builds up enough to not exhaust all of their funds during that pay period. They are stuck over a barrel and have to pay the interest. So they are a captive audience.
DeleteThe one rate that I have watched over the last year is the SALO rate. How you do anything is how you do everything...well how you treat this set of members tells me how you would treat every member.
17.25% is just below the NCUA cap of 18%. Unless that has changed. In my opinion that is not an industry standard, that is an industry cap.
As a 22 year member of SECU, I never thought I would see this type of behavior from my credit union.
The margins on both the HELOCs and SALOs have remained unchanged for years. That is just the interest rate margin we are in, not that you could tell from SECUs Money Market Rate. If you want to take shots at the SALO program it should be for the fact that we’ve changed the policy so a member with over $500 no longer has funds go to their SALO Share account. So they are paying interest for not being financially savvy enough to realize they need to close out their loan.
DeleteIf a program penalizes a member needlessly, it needs to be amended (if it can be) ... and if a member needs to be educated on options that they should consider, that's what your employees' should be doing... some folks ain't savvy but they should be told their options to better their situation not just left to pay more interest.
Delete'People Helping People' comes to mind ... oh and 'Doing the Right Thing' and even maybe 'SECU - There is a Difference". words to live by not just to memorize.
@9:04 AM. Prior to a few months ago the program continued to “force” the member to save money and a lot of members continued to do that and would build up thousands in their account. Now they don’t have that “forced” savings.
DeleteI would assume most employees tell members to close out the account once it crosses that $500 threshold. However, a large majority of member are doing automated advances and we will never see/talk to them to let them know.
When I was MSS, I counseled people constantly to wean themselves off of the SALO. If you pull $500 and get $475, then the next time it pays back, pull $475 instead. Tighten your belt, work your way down. When it's all paid off, then you're free of it, have your paycheck to yourself, and a back up loan amount still open if you need $20 for gas between paychecks.
DeleteAnd you didn't need a million dollar marketing budget to do it. Just remember all, after the voting ends the waste and cleanup still remains.
ReplyDeleteI'm afraid it will never end but just a baton that will have to be carried forward!
DeleteThe masters 'they' have justified any action “For the Greater good". Sound familiar?
DeleteMillion dollar budget and no one member facing can get anything done in a timely manner… Ready to get rid of these “professionals” and get people back who could get things done
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