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The SECU Board of Directors has announced the further expansion of risk-based lending as of November 1, 2023. Chairman Moon and the SECU Board of Directors seem determined to adopt "race-based lending" (RBL) as the basic lending principle for the State Employees' Credit Union.
All SECU members as of November1, 2023 - under race-based lending - are now paying higher credit card and unsecured loan rates (in many cases much, much higher rates if they are in the B, C, D, E tiers!)
The SECU Board is rightfully ashamed of publicly publishing all the interest rates - and the credit score breakpoints - it is now charging SECU members for unsecured loans and credit cards.
😎 Let's see who the SECU Board has set up for the kill with race-based lending:
Here are some average scores from credit bureau files:
✅ Average credit score in U.S. - 716 You'll note that 716 falls in the SECU "B" tier, which means the SECU Board has designed the race-based lending system to smack an extra rate charge on the average SECU member.
✅ Average credit score by race: Here's where the SECU Board clearly favors race-based lending!
... how are they able to compute the
credit score of an average borrower
by race, age, and gender?
We cannot lose sight of replacing 4 board members in 2024. If WE do not regain a say in OUR Credit Union the road down the rabbit hole will continue to grow and take members to a financial point of no return!!! Brady & Co HAVE TO GO!!!
ReplyDeleteStill waiting for OUR representatives on the board to get back to us with a report or at least some public insight on what’s happening behind closed doors but all I hear is crickets.
Deleteall set up by design with folks who's only mission is to "Make a Profit" ...
ReplyDeleteMake NO mistake, SECU doesn't care about your financial wellness, only what they consider "THEIRS"!
Memo to Board, Plea to Member/Owners :
ReplyDeleteVoters fire entire local government - "“This is something Americans all across the country almost fantasize about, booting out their local government if they don’t like them and they’re not getting the job done,”"
4 more board members need to go packing next October! As you see, replacing 3 had noooo effect on their attitude towards the membership.
Sincerely,
The Member/Owners of SECU
https://www.frontline.news/post/voters-fire-entire-local-government-over-support-for-ccp-linked-company
Seems like we need to send the 3 new ones packing too. Haven’t heard a peep out of them.
Deletewhat are you expecting? what is the expectation for the three board members? there is Lee Brady and the remaining 8. They have barely had time to read through the board book. what do you think the first board meeting looked like? Intimidation most likely. speak at your peril. If you do speak or ask a question, we(remaining 8 and staff at the table) will look askance. The three new members will be expected to behave like Victorian children. those three have one of the hardest jobs on the planet at the moment.
DeleteRelax and give them a chance. They are likely to get outvoted 8-3 on everything this first year. They haven't given up their principals but they are a minority until next year.
DeleteStatus update or a report back to us would be nice. We got them in these seats.Transparency!
DeleteI’m a long-time member and employee of SECU. I am so distraught over what has happened in the past two years, that I don’t know what to think. With careful thought and consideration, I’m opening an account with Coastal Federal Credit Union and closing my SECU account. It’s really sad what our credit union has become.
ReplyDeleteCoastal uses risk based lending too…
DeleteDid you check their loan policies?
Delete"Loans are available even if you don’t have perfect credit, although you may not qualify for the lowest rate available"
Looks like they have "hooks" to get their best MM rates (standard Rate was STILL better then SECU) ... I didn't spend a lot of time drilling down...
Just sayin ...
Coastal is what they want SECU to become. No human employees. RBL. Internet Cafe in branches. No tellers. People are going to look for the alternative to SECU to learn there isn’t an alternative. SECU is the alternative. Everyone else already sold out and are industry standard.
DeleteWhy don't you have accounts at lots of CU to support all that you can.
Delete4:03 PM EXACTLY ... and it ain't going to change,
Deleteour whole financial picture is changing. AI will be a big driver... everything will be determine by an algorithm (Think Social Credit Score).
SECU - There WAS a Difference!
4:03PM couldn’t have been said better. SECU is the last stand as far as a member owned cooperative that invests in its employees rather than AI, RBL etc. That’s why they are making the branches services poor on purposes so members will not use the branch and just apply on the app. They are purposefully trying to alter our memberships behavior in how they use the credit union. They want everything done at a click of a button so they won’t need hundreds of loan officers and tellers. They are trying hard to take away your job security and push you out the door when the time comes. Just wait till these ITMs and self serving kiosks roll in to the branches…it will start to make sense then, but by that point it will be too late.
Delete4:47 AM Exactly right. Like boiling a frog in water ... a little at a time ... meanwhile tell the members and employees how much they love you ...
Deleteet tu SECU?
Please stay and help fight for your credit union! You’re already engaged and informed…let’s keep working to keep SECU weird. There can still be a difference. Don’t give up!
Delete"If the credit bureaus really don't know ..."
ReplyDeleteThese folks know more about me then I know about me ... and they don't forgive ....
Two thoughts; 1. How can any institution, or individual, be so "tone deaf"; 2. I'm keeping my account open so I can continue to vote and I urge others to do the same.
ReplyDelete1. They have been seduced by money, hence they can't hear anything else.
Delete2. Great Idea ...
the Calvary isn't coming folks, it's up to us!
"You load sixteen tons, and what do you get?
DeleteAnother day older and deeper in debt
Saint Peter, don't you call me 'cause I can't go
I owe my soul to the company store (SECU)"
Is every other credit union Board and membership who have adopted rbp misinformed and/or racist? I doubt it and don’t believe our board or membership is either.
ReplyDeleteDid Jim Crow exist? Did "everybody" think that was ok at the time? How about slavery? How about women shouldn't vote? How about the earth is flat? Indians need to live on reservations? How about blacks can't eat at lunch counters in Greensboro, N.C.
DeleteYou would have supported all that? In the same way you support RBL without questioning the underlying logic or what's right or wrong?
this ☝️
DeleteRedlining. don't forget that one
DeleteYou're living with your head in the sand. Industry standard doesn't make it right. Open your eyes and think for yourself. It's folks like you that got us in this mess.
DeleteWhat about the "good ol' days" before October 28, 1974 (ECOA) when women weren't allowed to borrow money on their own?
DeleteEverybody's doing it, so it must be right.
Our calling is to speak the truth ... and once you know the truth , it will set you free!
DeleteThere's fairness and justice, you won't find much of either in this world unfortunately.
DeleteRemember "Do the Right Thing"
What's the Culture Department up to these days? Haven't seen emails from them lately.
ReplyDeleteThey are hiding in the shadows ... they didn't go away .... trust me... the culture war is here to stay.
DeleteDon't participate in their game...
Everything I Need to Know I Learned in Kindergarten ...
Why are they even here? It’s like they try to be our parents or something. I’m 40+ years old. I don’t need some silly department telling me what I should be thinking at work.
DeleteThis group and DEI are causing more division than ever existed before. If I see an email from any of them I delete immediately.
Deletethis is on SECU's website ...
ReplyDelete"We’re listening to our members.
You, our 2.7 million members, are at the center of everything we do. With an unwavering mission and a new strategic plan built around member value, we never stop thinking about your financial well-being and aim to deliver the value you expect, every day."
Do you believe it?
no. Actions speak louder than words!
DeleteSECU has been captured and is now part of the 'system'! ...
ReplyDeleteNC slowing becoming California of the East Coast ....
ReplyDeletedrip, drip, drip .....
OH BTW ...
ReplyDeleteMoody's cut its outlook for the US's credit rating to negative Friday. That's not the same as a full-on downgrade, but it does signal to investors that it's on the brink of becoming less sure about the government's ability to repay its debts.
"This is a decision I disagree with," Yellen said. "The American economy is fundamentally strong, and Treasury securities remain the world's preeminent safe and liquid asset."
says one of the insiders ...
A lot of these comments get us off track. We need to focus on getting the right people in leadership, getting the right products for the membership and getting rid of the culture, marketing and project management departments (cap tip to current employees who have shared with me that those three teams are the cancer eating the CU from the inside out).
ReplyDelete