✅ Mentioned that a couple of us went by this week to meet with Ms. Kristina Ray, the newly appointed Administrator of North Carolina credit unions, and Ms. Rana Badwan, from the Attorney General's Office. Ms. Ray is an experienced, poised regulator; Ms. Badwan is a careful, intelligent attorney. Both are homegrown (Dunn and Raleigh) and both are thoughtful listeners. That makes for a great audience!
✅ Thought it would be good to share with you the follow up letter from the meeting. You'll note there are three serious concerns. The first concern over financial statements was easily resolved yesterday by Rex Spivey, CFO at SECU. [link 7/26/2023 post] The next two are going to be more difficult to correct. Our next topic is that "this Board" has directly violated the SECU Bylaws with it's new Election Procedures. The mistake presents a major governance dilemma for the members of SECU, since the 2023 election process is already underway. But we'll talk more about this latest Board snafu in a bit, Here's the letter ... https://secuvote.ey.com/
✅ Ms. Kristina Ray, Administrator of North Carolina Credit Unions
July 25, 2023 (5:26 PM)
Dear Ms. Ray,
One would think that repeatedly, publicly shaming North Carolina and 2.7 million SECU members would become a concern for individual members of "this Board" at some point, wouldn't you? https://secuvote.ey.com/