Monday, March 18, 2024

And, The SECU Bylaws Have The Same Limits! Well Then, Maybe "We" Need To Change The Bylaws...Again!  

... and no, I don't care what the Administrator told you!

✅ Federal Law states credit unions can not prohibit a qualified member from self-nominating as a candidate for the board of directors [link to post]. North Carolina state law also prohibits a credit union from excluding a qualified member from seeking a board seat [link to post]. 

✅ Well, what about the bylaws of a specific credit union? Say, SECU for example?

Here are the limits within the SECU Bylaws:

"Article IX. Elections - Section 6"

"Minimum Age Requirements. The minimum age of sixteen (16) is a qualification for eligibility to vote at meetings of the members, and the minimum age of eighteen (18) is a qualification to hold elective and/or appointive office."

Exactly the same  language in federal law, North Carolina law, and the SECU Bylaws on member rights. Yet, the "We Are Board", during the 2023 Board election cycle, purposefully refused to allow an eligible, qualified SECU member to self-nominate for a Board seat.

✅ Given the clear wording of the law and bylaws: How did the Administrator of Credit Unions "determine" that there was - in her words - "no apparent violation of  law or rule under our authority by SECU..."?

Over the last 9 months, the Administrator has refused to 1) provide a copy of  "the our complaint" sent to SECU; has refused to 2) clarify her regulatory authority [link - remember those "Two simple questions"?]; and 3) has advised that any further inquiry would be in "get a lawyer" mode.

In an attempt to work within the North Carolina credit union regulatory system, these issues were raised with the North Carolina Credit Union Commission at its meeting in September, 2023. The Commission is mandated by law to monitor and confirm/overrule actions by the Administrator. There has been no apparent action by the Commission, although two of the seven politically-appointed commissioners have resigned in the interim.

The concern now becomes that if the "We Board" believes that they can reign over SECU with impunity and in disregard of the law ; the "We" may try it again, with further arbitrary changes without informing  SECU's 2.5+ million member-owners, until it is too late - again!

The North Carolina Credit Union Commission meets April 9, 2024 in Raleigh [link to place & time]. 


Will they step up or roll over?


1 comment:

  1. So since the state oversight organization doesn't want to communicate unless an attorney is in the room, would the fed be available to summon the state to explain what the heck is going on at SECU?