✅✅ Recap: In this series, have tried to demonstrate that: 1) SECU has been highly successful for the last 85 years - without RBL, 2) SECU has been financially successful - last 5 years "most profitable ever" per CEO Brady - without RBL, 3) SECU members - per SECU Loan Administration estimates - will pay literally hundreds of millions of dollars in excess interest on loans - with RBL, 4) the same rate, "A-paper for all" lending approach is a superior "marketing" strategy - without RBL, and 5) there are no financial, nor operational reasons for the SECU Board not to pause future RBL implementation to re-discuss its decision with the SECU membership.
✅ The SECU Board has evidently been led to believe that SECU doesn't serve "A" paper borrowers. Why? According to SECU Loan Administration, because the rates charged by SECU over the years have not been competitive. That is simply not true - except perhaps over the last 2 or 3 years!
How do you know? Here is the breakdown of actual SECU borrowers toward the end of last year by credit tier (the SECU Board received this information):
... Y'know when you look at RBL more closely, it never seems to "add up"!?