The National Credit Union Administration (NCUA) has just released its 2023 year end "Peer Comparison" ratios - aka "Industry Standard" ratios - for the largest U.S. credit unions.
The "We Are SECU" Board introduced risk-based lending on March 1, 2023 in an effort to reach "industry standard" in lending. As you will note from the federal data below - in less than a year - that goal has been reached.
✅ SECU now exceeds credit union industry standards in all lending performance and quality measurements:
"Delinquent loans/Total loans" (the percentage of the SECU loan portfolio which is delinquent) at 2.25% is over 3 times higher than the industry standard of 0.72% at December, 2023. "Rolling twelve month net charge offs" at .62% are 44% higher than the industry standard (.62/.43 = 144%). "Delinquent loans and net charge offs" to average loans at 3.01% are way above the industry standard of 1.17%.
You will also note that compared to December, 2022 , all of SECU's loan quality performance measures under RBL have "excelled"!
For critics of the "We Are's", the discriminatory nature and huge financial costs which risk-based lending impose on SECU members remain clear; and, it is kinda hard to argue with these numbers, isn't it?
All the trends are "positive"! So, much like the "negative growth" in assets, SECU now also enjoys a "positive decline" in loan quality... well above "industry standard".
Those numbers speak for themselves, let's see them try to "spin" those.
ReplyDeleteWhat a horrible indictment of Brady and the Legacy Board.
Brady and The Eight don not look at any numbers that demonstrate their policies have failed. The wheels are falling off an these "leaders" do not care.
ReplyDelete4 More in '24 --------------
ReplyDeleteExceeding all industry standards - give management a huge bonus. They accomplished so much in so little time. This is all great news. To increase the loan to share ratio they will soon offer loans at 1.0% with a 10 year pay back. Everyone is qualified. Delinquency - well they can make it up in volume. We are can do this!
ReplyDeleteI'm against RBL, but there is a bigger problem. We're making bad loans out the waszooo... bad policies + bad decisions = bad loans = bad management.
ReplyDeleteFed got any more money to "lend"?
ReplyDeleteWOW no wonder these folks won't leave SECU ... Who would want them! Oh wait there was that Gym guy and his track record of failure ... so I guess I need to retract my previous statement... guess they are right where they belong, at least until the yacht sinks ... Of course they are all pretty well off so 'no skin off their teeth'!
ReplyDeleteMembers are little more than pocketbooks to fund the corporate cronies
ReplyDeleteSo How do we reconcile the Founders’ vision?
ReplyDeleteThey cannot be reconciled! They are polar opposites to the new 'group think' board & C-suites ...
We the members have no choice but to cut ties with these rulers...
Looks like an email went out to AB members and employees regarding a virtual WebEx next week to discuss proposed changes to SECUs Election Policies and Procedures. Let us hope these changes are for the better and give more power to the membership and not restrictive like they did last year.
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