Too much, too little, too late...???
To: Ms Kristina Ray and the Members of the North Carolina Credit Union Commission
October 7, 2023
Dear Ms. Ray,
Thank you for the email notice
of the Special Commission meeting scheduled for Monday, October 9, 2023
at 1:00 p.m. (dial in # (877)-402-9753, access code - 6601929.)
Although
the details of the agenda are sparse [see Oct 6 post here], it would appear that the meeting
is a follow-up to our appearance before the Commission on September 29,
2023. If so, thank you. Hate to belabor the point, but ours was not a
concern raised by "a member of the public ''. If you need 5,000 or so other "members of the public " to assure you of that fact; we will be happy to get that done for you.
We
would like to clarify the two questions which we hope will be answered
at this Special Commission Meeting. A precise response should be
un-difficult for the N.C. Attorney General's Office, as your counsel.
Q: 1)
Is the N.C. Credit Union Division required by North Carolina law to
monitor and enforce compliance by state-chartered credit unions with
their bylaws? (We believe the answer is obviously "yes". Why would the NCCUD be required by North Carolina law to approve all bylaw amendments, if the NCCUD was not expected to enforce compliance with those bylaws?)
Q: 2) May a N.C. state-chartered credit union adopt rules, policies and procedures which effectively amend its bylaws without approval by the NCCUD? (Again, we believe the answer is obviously "no''. North Carolina law requires that the Credit Union Division approve all bylaw amendments by a credit union.)
If the N.C. Attorney General's Office agrees with those two simple observations, then the following issues arise:
1).
SECU on 4-11-2023 adopted new "Election Policies and Procedures" which
established new requirements for an SECU member to be eligible to seek
office as a director in violation of the SECU bylaws. The
SECU Board subsequently used these policies and procedures to refuse an
eligible, qualified member from seeking to self-nominate for director. These
new "Election Policies and Procedures" were adopted by the SECU Board
without prior approval of the N.C. Credit Union Division.
2)
Under cover of the bylaw amendments approved by the Credit Union Division
on 6-30-2023 (and implemented by SECU on the very same date), the SECU
Board adopted new rules and a new agenda on 7-25-2023 for the 2023 SECU
Annual Membership Meeting. The standard rules of order and required
agenda for the SECU Annual meeting had been specifically stated and
embedded in the SECU bylaws (prior to 7-25-2023) for 85 years. The "new
agenda" no longer permits SECU member participation in the meeting
through "old business" and "new business" - standard agenda items for credit unions. The new
rules adopted - without any input from the SECU membership - also prohibit the membership from making any "substantive" motions at the meeting. These
changes in the material rights of 2.7 million SECU members were made by
eleven people - the SECU Board - again without any prior communication
with the SECU membership - and without the approval of the North Carolina Credit Union Division.
Hope this is a clearer, more precise statement of what we - and all 2.7 million SECU members - hope the North Carolina Credit Union Commission will address at your Monday, October 9, 2023 meeting.
Thank you.
Jean and Jim Blaine
... guess they'll make a splash one way or another! 
The ball is now in their court, “Justice is blind” ... or is it?
ReplyDeleteMember owners money is good enough for the board, but their participation? Their input? Their authority? Not so much. They'll cut your mic when it comes to that.
ReplyDeleteHow, then, does a member OWNER offer their feedback? What is a co-op if not cooperative?
It is only cooperative for some of the members--recall Leigh Brady's statement in The Assembly(10-2-23) "Brady said she came to recognize the “harsh reality” that SECU had been overcharging its members with the best credit." And her infamous remarks at SEANC, where she told members to cosign their children's loans just like she had done!? An organization for elites, run by elites, that kindly allows the people of modest means (riffraff) to support their expensive habits.
DeleteWait, Next year it'll be 'Show us your papers' ....
DeleteWTH? Can anyone just do their job anymore without having someone else spelling it out to them word by word??? Get with the program NC Credit Union Commission - it's not rocket science!!!! Just. do. your. job!!!
ReplyDeleteit's called the insiders game ... and we aren't invited to play just pay!
DeleteFrom what I have heard and seen all over the state regarding Members who have already voted, let's see how Ms. Ray explains how one or two Members concerns will multiply into thousands of voices on October 10, 2023.
ReplyDeleteState Employees' Credit Union matters to North Carolina families.
We want OUR credit union back Ms. Ray.
What you should watch for in the CU Commission Meeting is the answer to the 2 questions. The CU Commission is not making a decision about SECU... it's making a decision for all NC credit unions.
ReplyDeleteCan CU boards unilaterally decide to exclude members from running for office and limit members' participation in the annual meetings and in deciding the future of their CUs?
If so, then the the Commission is approving the abrogation of fundamental member rights for all NC credit unions members - not just SECU.
The question for The Commission is "Game over for CU as coops in NC? ...Too much, too little, too late...for NC CUs? Listen carefully.... the decision is historic for North Carolina working families.
Sounds like they will have their little "committee" that will do nothing, say nothing, be nothing.
DeleteCan’t wait to see us charging ridiculous interest rates on the personal loans within the next month. Pompous Bomba had the never to send out an email stating it’s just giving more members opportunities…how is charging them 5-8% more on a personal loan helping them out? No one should be getting charged over 10.75%!!!!
ReplyDeleteHe should stay in his lane ... He's having a hard enough time keeping the vehicle from running off the road ... jus sayin!
DeletePompous and bombastic as always.... King of the SECU world dictating others.
DeleteHow many times did they say "do more with less" at the last manager's meeting? I would be so embarrassed to say that to my hardworking employees right after I got done hiring over 1,000 people.
DeleteYou probably can doing more with less upper management ... divide their salaries up and hire some folks who work ....
Delete✅ CREDIT UNION COMMISSION MEETING
ReplyDeleteMonday, October 9, 2023, 1:00 P.M.
Toll Free Number (877) 402-9753
Access Code 6601929
Employees -- You can mask your phone number by dialing #31# before the toll free number if you are worried about being "seen". It will come up as private.
Deletethanks
Delete*67 doesn't hide your number on toll free calls
DeleteThere is a lot riding on this outcome .... but 'they' are trying to fundamentally change the credit union and have! They're intent on changing the culture ie the values that we hold dear. Used to be promote from within, no more (unless you play their game). You made SECU a career and in the end they reward you with lifetime health care. Sorry no more for new hires (makes them less committed and loyal and obviously the leaders aren't looking out for these employees best interest)... Let's' outsource everything Why?! There is no proven benefit to do that (unless profit is your sole reason). Let's cut services to members and then make them play push button phone games (Industry Standard garbage service) ... Let's hire a bunch of consultants and lawyers .... again WHY!? Pay to play with the world's corrupt values and insiders ... This is just the tip of the iceberg, the one we are headed for ...
ReplyDeleteThose professing too be wise are fools ...
They just ruined a great thing ... and I for one feel betrayed by those I had given my trust to!
I didn't even get into the way they are fundamentally changing the way they treat the Members/Owners ... Most of that speaks for itself but in the end they just want to cut your mic off!
DeleteBecause you might hurt their feeling ... you know "free for all".
Just showed how useless they are....what a JOKE!!!!
ReplyDeletefix is in..Woody was reading from a script, someone else's!
ReplyDeleteHow was Jamie on the call? Did he have any guts?
DeleteRecused himself
DeleteAttorney General ducked the two questions asked. Never a straight answer from the Stein and company
ReplyDeletethey are beholden to those insiders who fund their elections ...
DeleteWhy was the meeting today adjourned so abruptly? Did they have a time constraint for which we were unaware? Only ONE motion voted upon! Do they even know why they were meeting? I
ReplyDeleteWhat a pathetic weak stance by them. Avoided answering questions. I’m sick to my stomach how corrupt our system is. Guess it’s time to start job hunting!
ReplyDeleteWell……Bye!
DeleteWhen I leave SECU, I hope it collapses after hearing that garbage.
ReplyDeleteYou see 'they' don't want to have to explain to members their policies because they KNOW what the members will say and think. If all 2.7 million SECU members knew what is about to go down or in case of RBL (already done) 2.6 million would be objecting! They won't know until they go in for a loan and/or they are controlled by outsiders (already happening). Tomorrow's election means everything for ALL NC Credit Unions going forward to have a voice else stick a fork in it... you will bend the knee ....
ReplyDelete