Thursday, November 30, 2023

North Carolina - Government Of the People, By The People, For The People? Depends On Who You Ask, Evidently...

Tue, Nov 28, 4:55 PM
Dear Mr. and Mrs. Blaine,

The North Carolina Credit Union Division (NCCUD) regulates North Carolina state-chartered credit unions. NCCUD is under the supervision of the Administrator. Neither the Administrator nor NCCUD provide legal advice to members of the public.

Please refer to my response dated October 19, 2023, regarding your questions. 


Kristina Ray 

Administrator of Credit Unions

 ✅ Prior letter: 

Ms. Kristina Ray, Administrator of Credit Unions

November 19, 2023

Dear Ms. Ray,

We are writing to request a response to our letter to you dated October 25, 2023. In that letter we requested clarification from you on the following two questions:

✔  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?
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

Your earlier response on October 19, 2023 was as follows:

"Among other responsibilities, the North Carolina Credit Union Division (NCCUD) reviews North Carolina state-chartered credit unionsbylaws for compliance with required information outlined in North Carolina laws, rules, and regulations. Each credit union’s bylaws contain procedures for requesting amendment approvals from the NCCUD Administrator. Additionally, some provisions within the standard form bylaws, which may be used by credit unions as guidance, allow for the credit union Board of Directors to adopt policies and procedures, as long as the membership is notified within a specified time frame before becoming effective. The Administrator approves or disapproves proposed bylaws amendments after a thorough review of the request. If you have additional questions relating to this matter, consult legal counsel."

Your October 19, 2023 response failed to address directly the two questions asked. This will be our third request of you as Administrator for a clear answer on two simple questions. We would like to also point out that our first inquiry with you on this matter was on July 25, 2023.

We believe the answers are clear given:
"G.S. § 54-109.4. Amendments.(a) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Administrator of Credit Unions who shall approve or disapprove the amendments within 60 days."
"G.S. § 54-109.12. [Credit unions] ...shall be subject to the management, control and supervision of the Administrator of Credit Unions as to their conduct, organization, management, business practices and their financial and fiscal matters."

But despite our belief Ms. Ray; as the Administrator of N.C. Credit Unions, you are the one State official designated with the statutory authority to interpret credit union laws and regulations. 
We simply ask that you do your duty in your role as the Administrator on behalf of the people of North Carolina

We would appreciate a timely response. If you intend to refuse to respond further would you please let us know. Thank you.

Jean and Jim Blaine
  ... an entirely unnecessary "dance" on determining Ms. Ray's role as CU Administrator! 
Why there seems to be an erosion of trust in our government?





Tue, Nov 28, 4:55 PM



Wednesday, November 29, 2023

SECU - How Real Leaders Are Chosen: The "Seal" Of Approval...

SECU - Our Mission

"To be the trusted provider of financial services to every eligible member and to enhance the value of their lives and financial well-being while maintaining our fiscal strength."


Trust Always Starts At The Top.
  Is the SECU Board "on mission? Do the members agree or not? How can you tell?

Tuesday, November 28, 2023

SECU - On How Real Leaders Plan: True "Best-In-Class"...

 Herb Kelleher was the leader at Southwest Airlines for over three decades...

The Strategic Plan
  • Keep costs down.
  • Focus on the customer.
  • Keep employees happy.
  • Keep it simple.
  • Screw conventional wisdom.
  ... translation "conventional wisdom" = "industry standard"!


Monday, November 27, 2023

SECU - Members Look Forward to New 2024 SECU Strategic Plan... And Performance Results For 2023!

 😎 Holiday is over; we've gotta get back to work, but first...   

The SECU Board and CEO were super-pumped about their 2023 SECU Strategic Plan last year [link] - not sure why. But that CEO has departed, and the SECU Board is in the midst of change. It will be interesting to see and compare the new 2024 SECU Strategic plan with the results of the 2023 Strategic Plan. If you'd like a little head start, here's what the SECU Board planned to offer the membership in the 2023 Plan:

"Our goal is to provide an exceptional member experience and financial value through competitive products and convenient services. SECU members will benefit from this value through multiple offerings, such as:  

1) Below-market fees  

2) Lower credit card rates and fees  

3) New card offerings, including points and cash rewards with best-in-class features

4) 100% savings on services such as free notary 

5) Broad ATM network for convenient access   

6) At-market share savings rates"

✅... think it's fair to say that SECU has in the past had "below-market fees" and that the size of the Cashpoints ATM network actually shrank in 2023. Will let you be the judge on "the lower credit card rate/fees" and "best-in-class" features.

... and #6 is definitely a move backwards toward "industry standard". The SECU Board's goal is now "at market" rather than "above market". Haven't seemed to be able to achieve either one in 2023... 


  ... still laughing about #4, the "100% savings on free notary service ?!?". How does that work exactly? 

[Best I recollect, its always been free.]