@NCCapitol : ✹✹✹ February 5, 2024 ✹✹✹ [link]
Major national bank to pay North Carolina $13.5 million for anti-Black, Hispanic discrimination
NC
Attorney General Josh Stein and the Biden Administration won a
multi-million-dollar settlement from First National Bank over
Red-Lining, a Jim Crow era policy used to enforce de facto segregation
in housing, still being practiced in Charlotte and Winston-Salem.
"Redlining is rooted in our nation's sordid history of racial
segregation, and it harms communities of color by limiting equal access
to credit and shutting off opportunities to build wealth via home
ownership,"
"We are making it easier for everyone to have a fair shot at a better
future," Stein said. "North Carolina's unfortunately all too familiar
with the racial wealth gap. ... When lenders discriminate, it means hard
working people can't buy a house, start a business or invest in their
futures. People who are part of the fabric of their communities are then
unable to put down their roots."
"The doors of opportunity must be open to all in North Carolina," said Stein.
The "Legacy 8 ", RBL SECU Board - "We Are SECU"?: Mona Moon, Chair, Stelfanie Williams, Vice-Chair, Jennifer Haygood, Sec-Treas, Chris Ayers, Bob Brinson, Mark Fleming, Ben McLawhorn, McKinley Wooten, Jr.
... at SECU the most persistent question is: "What are you doing to others? ... and why, for God's sake?
Great way for The 8 to celebrate Black History month.
ReplyDeleteAdd Christina Ray's picture to supporters.
ReplyDelete4 more in '24!!!!!
ReplyDeleteWhy doesn't WRAL and Josh Stein shine the light on SECU and RBL?
ReplyDeleteBetter yet, why do the branches want MLS’s back so bad? Only thing I can come up with is they want control back. But they aren’t really sure why…that’s what’s funny. I’ve asked several branch SVPs who just say…”it’s what Leigh says is best and we aren’t really sure at this time”. What IS secu sure of?
ReplyDeleteWhen I got my mortgage 5 years ago, I was still an SECU employee and not married. I cannot tell you how helpful it was to go into Nikki's office to discuss the ins and outs. She helped me make a phone call for more affordable insurance. Nikki was great and gave me face-to-face assistance as well as email and phone calls. Once established at SECU, other type loans are more easily done online or over the phone, but I still want in person one-on-one for major financial needs. A more personal touch makes a difference. JMO - Charity
DeleteThey’re not sure of anything. Still waiting on a career path going on a year now. Too busy hiring executives I guess.
Delete1:17 PM ... Exactly how I feel and how I have done ... somethings I want face to face conversations!
Delete@ 1:17 Incase you aren’t aware, the mortgage loan officers currently work in every branch and are here to assist you anytime. My question is why does it matter if we report to loan admin or the branch manager? The service is the same to the member regardless. It’s just a control issue
DeleteI would rather branches have control than a centralized authority in Raleigh that’s in bed with the board of directors. I’ll take my local VP as my boss any day. Bootlickers, please leave and quit writing fake comments to throw people off.
Delete2:29 service really isn’t the same vs 2 years ago when MLOs were under branch. If the lobby was backed up. Everyone that was a loan officer could help. Not just consumer lenders, but mortgage lenders which creates more efficient in the branch. Centralization and specialization again, did nothing but slow down and make our operations worse.
Delete2:29 pm you are correct, I have been retired 1 year and not up to date on all the details. I was fearing that with centralization MLOs would be primarily remote. But, like 4:26 pm said, it seems it is not just who controls. Thank you both - Charity
DeleteThere were over 150 branches that originated 2 or less mortgages in December. But moving those employees back to the branch those MLOs can do additional things besides watching Netflix or shopping. That would allow additional work to be moved back to the branch, like 60-90 collections, without hiring additional staff. Busier MLOs job probably won’t change but the slow ones will
Delete@9:10. So what will happen to all the collections employees?
Delete@9:10 not sure where you are getting your data but sounds like you have a lot of branches. Maybe too many
DeleteThe Collection staff will probably remain as it is. More bureaucracy for Loan Administration. They will continue to push down bad polices that benefit them to the detriment of those who actually do the work. Sit in judgement over those who do the work. And not provide any assistance to those who do the work.
DeleteSECU member here. Thank you for addressing and opening our eyes to SECU’s blatant practice of encouraging redlining and racist lending. This is very disappointing. I’m taking my business elsewhere.
ReplyDeletePlease Slow down, we are in the process of 'retiring' 4 more board members this October ... WE Need your vote and those members you know to help these board members retire along with their RBL policy... this will put the majority board members hopefully in favor of changing this ...
DeleteRedlining is illegal, risk based lending is legal
ReplyDeleteThat is correct. Of course, redlining used to be legal, Jim Crow used to be legal, and as I recall even slavery used to be legal.
DeleteAre you saying that discrimination is okay as long as it is legal?
Don't mean to embarrass you; just wanted to find out if you were okay with those things when they were legal?
DeleteChattel slavery is a form of capitalism where overlords benefited and exploited the labor of black people for centuries. It was legal at one time…doesn’t mean it’s okay…RBL is just another discriminatory classist model to put POC and the less unfortunate under the riches boot.
DeleteI have found a lot of people (some I worked with) actually Agee with RBL ... they believe they've 'earned' their grace and mercy ... they don't really understand the co-op principal... and now we have 'leaders' that don't understand them either!
DeleteRBL on paper sounds okay until you become a loan officer and see credit scores do NOT determine if a member has the ability to pay back. Can’t count how many times I’ve seen a beacon of 590 and the member pays secu well, but had medical bills so her credit dropped or a small little charge off for 300 bucks occurred because she was laid off work or sick. We shouldn’t penalize a member based off that. Some members come from towns that have no jobs or maybe the member did not receive financial literacy growing up? Lot of variables. Some members did not have parents growing up. Not everyone grew up in gated communities where their parents held their hand to help them with their finances. That’s what secu use to do. Help everyone including the rich and poor. We were equal at this institution. Now they are working on systematically creating classes between membership and employees with specialization and RBL. Both need to be stopped. It defeats the purpose of a Co-Op. if you don’t understand that…then a worker co-op credit union you shouldn’t be working at. Maybe a bank or community bank. Credit UNION has a whole different philosophy behind it. UNDERSTAND IT BEFORE YOU WORK OR YOULL LET THE WOLVES SNEAK IN AND RUIN IT LIKE THEY HAVE EVERY OTHER CREDIT UNION. Most credit unions now are nothing more than a pseudo bank.
Deleteleaders in loan adminisration making us proud
DeleteMake that Loan Discrimination department. they all look privileged to me.
Delete@6:38 - Very well said. We had a history of being better than other financial institutions. That includes branches and contact centers
Delete@6:38 - As a fellow lending officer, I agree with your statement.
DeleteInteresting and concerning post! Such a shame the direction we are headed. Just received an email yesteday that said “win in silence. Let them think whatever they want to”…..well, you are not winning and we think this is all a bad idea. We should not be afraid or ashamed to say so
ReplyDeleteMakes sense. We haven’t received an email from our “CEO” in a while. They are just hoping the chatter dies down
DeleteI actually prefer not getting emails from the CEO. After Gym emailing every time a thought popped into his head I was happy for the silence.
DeleteIt would be nice if these Neanderthal’s would stop sending this junk out too! Use your time to actually do some work!
DeleteWon’t biden and stein come help the working people of NC @SECU for once.
ReplyDeleteElite a$$holes don’t care about YOU! Do as I say, not as I do. SECU used to be the last place that cared about the less fortunate. Actions speak louder than words. For example, anytime you hear the governor talk about how he supports teachers and how great the public school system is, ask yourself why HIS kids went to private school?
DeleteThere comes a time when you need to Do the Right Thing ...
ReplyDelete"There Is No Right Way to Do the Wrong Thing"
When you walk through life and experience it, you understand why helping a fellow member up is so important and worthwhile versus 'Making a Profit" ...
ReplyDeleteI fail to see it any other way.
Chattel slavery….I wonder how much profit the exploiters made off the slave labor!!!!ungodly amounts of money. Now these same people are in control of financial institutions and corporations…just doing it a bit different now.
DeleteYou can bet money from California and New York is finding it's way here ... and they ain't interested in folks of NC.
ReplyDelete100% ! That is their drug! MONEY. What a sad life. Best things in life don’t cost a dime.
DeleteSECU employees should have a passion to help people.
ReplyDeleteOtherwise maybe go find 'your' passion elsewhere...
When the "professionals" infiltrated the ranks, they cared more about 'their' passion and less about helping the member/owners. It suddenly became 'their' vision and not those of 85 years ...
I can say MOST of us DO have a passion to help people. That's EXACTLY why we're here and fighting for OUR CREDIT union!
DeleteWoot!!! Hope everyone saw that newest memo!!!!
ReplyDeleteNo, now what?! Can't take much more.
DeleteDoes no one read their memos everyone should of gotten it!
DeleteWould not expect it to be anything great or to be the outcome everyone is hoping for…why was there a freeze on all of it anyway? Now all of a sudden the freeze is lifted? Reeks of something doom & gloom on the horizon imo
DeleteIts another ploy by Leigh, Josh and the other crooks. Tell ALL EMPLOYEES that promotions are lifted so all who have been waiting will think they are going to be promoted. Managers submit, only for the request to sit in "Compensation Review" for months. Then they come back and say the employee is already paid more than the market and can be promoted in title only, no salary increase. Result - another 500 employees leave from disgust. False hope followed by mass exodus is the goal. Its easier than a layoff.
DeleteIn the meantime, IT is in complete chaos. Seasoned, experienced employees continue to be squeezed out in favor of a handful of 1st Cit Program managers with no technical skill.
Soon there will be no one to maintain the systems. Watch your accounts folks.
Oh I thought the execs had hired all that out to more experienced national big name companies who could rectify our antiquated systems that were unmodified since 1983. Aren't they moving it all to the cloud and doing away with data centers? Gotta run with all the other dogs. Then SECU won't need any tech smarts, just use the consultants right? Even though every big bank runs its own and they all use cobol too. From 1983. These guys are total bozos and don't know what they are doing.
Deletehttps://www.wral.com/story/editorial-redlining-settlement-reminds-us-systemic-racism-isn-t-past-history/21276017/
ReplyDelete"In this case, it is a matter-of-fact way of doing business – just the way the system operates -- resulting in racial discrimination. While not as starkly obvious as water fountains designated for use only by people of a certain race or signs banning service to patrons because of the color of their skin, the impact, insult and harm is the same."
"Someone is denied a service, can’t pick a place to live or even borrow money at the same rate available to others – only because of the color of their skin"
I hope the board, Leigh, and Loan Admin really reads this article and lets it sink in. This is NOT whining legacy employees or an old slightly balding former CEO making these very important points, this is REAL folks. DO THE RIGHT THING, please. Rise above! Let’s be news makers (great marketing btw!!) and dissolve RBL now. Everybody else does it, so let’s make a statement and show we have integrity built deep down in our SECU core!
ReplyDelete