Most organizations have an operating budget approved by their Board - to monitor and control expenses. SECU has an SECU Board approved expense budget, which is a sound business practice - unless you ignore it!
As you'll note below, the SECU Board has approved an "expense budget target of 2% of assets". You'll also note:
- SECU spending exceeds the Board budget target by + 17.5% (2.35%/2.00%) so far in 2023... that amounts to being over the annual budget target by $ +178 million. https://secuvote.ey.com/
- Expenses are increasing every quarter.
- Prior to the last 2 years, the historical SECU operating budget expense has been @ 1.90% of assets . So far in 2023, the annual cost of operating SECU is @ +$235 million higher than historical levels (2.35% vs 1.90%).
- The SECU "employee head count" has increased by 1,000 + employees in the last 2 years (to over 8,000+) without the addition of branches, nor expanded services.
- Operating expenses up +24%, assets down -8% over the last 2 years - how long can those trends continue? https://secuvote.ey.com/
- Has the quality of service provided by this SECU Board improved?
Who is paying for all this excess expense at SECU? https://secuvote.ey.com/
... if you don't know the answer, check out the 1% (or less!) rate on your SECU MMSA/share account, the high rate on your SECU credit card. or the long, in queue "wait times" at the SECU call center... https://secuvote.ey.com/
✅ Best Answer? Vote for: https://secuvote.ey.com/
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