SECU is different!
Alright so we're off to a slow start; hope you'll hang in there a bit.
If we can agree that a credit union is uniquely different from a bank, then there may be some ground for us to discuss why SECU should not be operated as a bank. But we need to agree (or not!) first that "There is a Difference", okay?
If SECU is just some sort of weird, "non-profit bank", then who cares? "If it looks like a duck (bank!), walks like a duck, and quacks like a duck, then it just might be a duck." So, is SECU uniquely different or not?
Lets' look at the three questions from Chapter 1 [link]. First, hope we can all agree that, much like a unicorn, there is no such animal as a "non-profit bank" - that's just a silly idea!.
Banks are organized for a purpose - to buy and sell money at a profit. The owners/investors in a bank expect to receive a return/dividend/gain/profit from their investment. Like any other for-profit enterprise, banking is a business; it's not a hobby, nor some sort of "Save the Whales" idealistic venture. Success in banking is defined by "the bottom line" - how much profit the bank makes for its investor/owners. Banking is a hard-nosed, sophisticated, analytical,"take no prisoners " business.
There is no question that the original concept/structure of a credit union was decidedly different from that of a bank. How do you know that's true? Because the founders of credit unions clearly stated a different set of rules, principles and purposes when designing this new, non-profit financial cooperative. Legislators agreed there was a difference, enacting a separate, distinct set of laws. Tax officials also recognized the difference granting tax exemptions at both the state and federal level; membership was limited, not open to the general public. Everyone knew there was a difference, in the beginning.
That question about whether anything is unique is a little more complex and comes with a problem - a root, core problem for SECU. Yes, there are unique things in life, like snowflakes as a reader noted. In fact, if you really look closely, everything in life is unique isn't it - including you! [Think about that sentence one more time before you move on.]
But, we have a tendency of viewing the world in terms of groups, categories, by common characteristics. We even have developed the bad habit of grouping and profiling people - by race, by gender, by nationality, by religion, by political opinion, by "social status", ... and these days by "tiers" at SECU. In real life, we most often think in terms of snow, rather than snowflakes, don't we.
So, brief recap: 1) Are there unique things in life? - yes; 2) Are credit unions banks ? - not as originally created; 3) Is there any such thing as a "non-profit bank"? - no, not unless you believe in unicorns.
😎 Alright, blah, blah, blah what's the point? Most of the SECU membership, many SECU employees, and all of the "Legacy 8 Board members" don't understand the differences between a bank and a credit union. That's creating a lot of problems now, with many more coming in the future. That's not a good thing for members, employees, and the future health of SECU - the potential squandering of a valuable asset for North Carolina out of ignorance?
If we're not all on the same page when talking about SECU as a credit union, we may be talking over, under, and around each other. Talking about different concepts and principles - never able to agree, because we understand the phrase "credit union" differently.
Want an easy example of how people can misunderstand a word? Take a look at the "I Love Football" pic above. Did you read that as "American football" or soccer? Makes a world of difference doesn't it! Not exactly the same games are they? Neither are banks and credit unions...
But the problem is greater than you think...
... its called "The Kleenex Dilemma". But that's for tomorrow...
BINGO! This is exactly why Leigh needs to stay true to her promise to reimplementing Modules! ALL employees need to learn about the place they work!
ReplyDeleteshe may consider taking a refresher course along with the board
DeleteLeigh Brady is a hot mess as a CEO. Granted she is a she , but that ain't enough when 2.5 million members' future is at stake.
DeleteGo, Leigh, go! But go now, please.
I understand the difference between a credit union and a bank, but the credit union I work for became a bank. I am an employee of SECU.
ReplyDeleteAs a old retired employee (35 years) when my members would invariably refer to our credit union as a bank I would tell them that we did not allow 4 letter words in the branch and then explain the difference! Viva La Difference!
ReplyDeleteHayes and Bomba are much to blame for the more recent culture. Of course Brady was in the shadows feeding misinformation and waiting for her turn at the helm. God help us! She has absolutely no idea what she’s doing. And she has strayed so far from the heart and soul of the credit union. There is simply no excuse for this type of behavior from a 35 year veteran of SECU. She needs to take a long hard look on the mirror!
ReplyDelete"She has absolutely no idea what she’s doing"
DeleteI think these folks know exactly what they are doing, and it's not doing the right thing!
I'm over cutting them any slack ... I'm not going along with the new/new narrative! WE are NOT a bank!
Just feels like the USA is just one giant corporation at this point. Can we not keep one good employer here in good ole NC where we treat people right? SECU is a mom and pop credit union that happens to the 2nd biggest in the country. I love the hometown feel when I work here. Let’s keep it.
ReplyDeleteBought and sold to the highest bidder!
DeleteJust look at all the corporations buying up EVERYTHING!!! How does mom and pop compete? This started decades ago ...
And this all commenced with wanting to go regional and sell out. The original version of HB 410 had a provision that allowed a cu to be sold to guess?! A Bank. That was removed in last year but Watch Out. Be vigilant members. The current leadership is not trustworthy. #4 in 24
DeleteGREED is what it all boils down to ...
ReplyDeleteThis. Right. Here. This is what the entire situation revolves around. GREED.
Delete3 down, 8 to go! If they don't quit out of public embarrassment first. We can hope.
ReplyDeleteI pray that they do see themselves out. Poor Leigh and cronies, too. We need a "do over" - STAT!
DeleteStaff carried Leigh before she became a muck-muck. She was most effective when she was out of the office. We encouraged her to junket. She did.
DeleteWe must fight to protect financial democracy! Truly sad to see CUs becoming more bank-like everyday.
ReplyDeleteBrady bunch, while results matter, the process is much more important in fostering long term better performance. You should not take shortcuts in order to create results which have only proved to be a disaster as of now and seems to be so in the future too while you are leading.
ReplyDeleteBrady is simply a weak leader. Don't pick on her. Like Biden never been competent, just hung around long enough to get the job. No obvious skills.
ReplyDeleteShe really has no business being the CEO. I work in Raleigh and every time we see her…you can absolutely tell she is in over her head.
Delete