... or Le Pew?
One last round on last weeks' North Carolina Credit Union Commission Meeting. The results were three significant inactions:
✓ 1) the Commissioners kowtowing to the N.C. Attorney General's opinion that their sole role under State law is to sit quietly,
✓2) the CU Administrator's continuing refusal to answer the question: "Does the NC Administrator of Credit Unions permit NC credit unions to deny eligible, qualified members the right to seek self/membership nomination to serve on the credit union board? Y/N"; and
✓3) the Division was confronted [link to Eclipse of CUs #3] over its 2023 endorsement of H410 before the N.C. Legislature - the crickets were deafening on that one too! [see link: Regulatory Capture issue]
Hope you will take a few moments to check out the links above. As the speaker correctly points out:
✅ "H410 is a boondoggle."
The N.C. Legislature reconvenes for its "Short Session" on April 24th and H410 remains in the hopper for consideration. So, get ready again for a "street fight on Jones" over the bill. The Legislature was purposefully misled last year by promises that H410 was no more than a few minor "CU Updates"!
✅ About as far from the truth as you can get! Here's a refresher of what H410 really changes:
👎 H. 410 is not a "minor update" to credit union statutes; it is a major rewrite.
👎 H. 410 authorizes unlimited membership, anyone can join. And, would overturn a 1981 N.C. Supreme Court ruling affirming limited membership as the intent of N.C. law
👎 H. 410 authorizes open membership including corporations anywhere in the country.
👎 H. 410 de-emphasizes the focus on North Carolina and citizens of modest means. Proponents have consistently rejected a specific mandate to serve these individuals.
👎 H . 410 permits unlimited lending, including unsecured, to corporations.
👎 H. 410 will accelerate the export of local jobs, local funds, and local capital out of North Carolina, undermining the State's efforts at business recruitment and development - especially in rural counties.
👎 H. 410 will enhance "federal parity" for credit unions, which is a device to circumvent scrutiny and approval of North Carolina standards by the State Legislature.
👎 H. 410 has disrupted a positive detente in the rivalry between N.C. banks and credit unions and will "unlevel" the competitive balance between the two groups,
👎 H. 410 does not enjoy united support among N.C. state-chartered credit unions and is opposed by thousands N.C credit union members and groups such as the State Employees Association of North Carolina (SEANC).
👎 H. 410 does not represent the best interests of all of North Carolina, nor those specific citizens who are credit union member-owners. If credit union statutes need to be rewritten, H. 410 is not the answer.
... lets hope that H410: "The CU Le Pew Bill" finds a home in a ditch by the side of the road!
Not relevant to topic at hand but after days and days of systems problems I have to vent. In ALL my almost 20 years here at SECU, we have NEVER had as many systems problems as we have in the past 2-3 years. Not even when we had the "green screens" of the 70s. Guess this is the "New New"?
ReplyDeleteCould you give everyone a summary of what is occurring. What are the problems?
DeleteSometimes disruptions can happen when external telecoms or credit card links go down...
Sometimes it is just local...
DeleteThis has been happening for 3 weeks straight, Jabber, LOS, Margo, Citrix & only solution is to sign out and exit Jabber 😂 I guess IT is just done…they have ran off all the ones who know the real solution, now stuck with bandaids holding it together
Delete"I guess IT is just done…they have ran off all the ones who know the real solution, now stuck with bandaids holding it together"
DeleteThere was critical folks that left and more leaving ... but hey those high priced folks got this...........
Still waiting for 'them' to replace the core ....
How can a member help on this?
ReplyDeleteVote out the existing board.
DeleteWho was the CEO of the Credit Union that was trying to expand membership in 1981?
ReplyDeleteGuess this refers to the 1981 NC Supreme Court ruling that unlimited membership was illegal for NC credit unions.
DeleteThe ruling was the result of a lawsuit filed by NC bankers over a 1977 expansion by SECU. The CEO at the time was Ed Greer. Sorry to disappoint you - again!
But, the takeaway for everybody should be that H410 is not "minor CU Updates" and you can be assured that the bankers haven't changed their minds about this issue, nor the tax-exempt status they believe is tied to it.
Just more recklessness by proponents of H410 - NCCUD included - endangering the well-being of NC credit union member-owners - existing members will lose out if passed.
Jabber not currently working. Margo has been up and down often, phones not working properly. All these problems that occur over night during processing. .IRAs distributing the incorrect RMD for members, incorrect due dates or loans showing on app, just makes no sense to me. All I can think of on the spur of the moment. I know "stuff" happens. . . I was in operations at a commercial institution. We had issues. . .but not as many and wide spread.
ReplyDeleteWell, other than that Mrs. Lincoln, what did you and the President not like about the play?
DeleteYeah I noticed today my deposit notification was sent to me at 10:31 instead of 8:00. So that tells me that nighttime processing 'might' have been 2.5 hrs late. I also talked to folks who said there has been all kinds of issues as of late ...
DeleteMaybe call up the board at night/early morning (2:30 am) and see if they can chip in and help fix the problems they helped create... they have laptops. They can fix it in their warm fuzzy bunny slippers! on second thought at least the deposit went through.... nevermind !!!
Well, when you realize that:
Delete1) The current IT guy is a total fraud with no relevant experience, only promoted by Hayes because he appeared in a TV commercial in 2019 and Hayes liked it.
2) He used (and continues to use) his position to fill the top echelons of IT with his buddies from the bank (at least FIVE EVPs , last time I counted; could be more now). Rampant nepotism rarely yields good results.
3) None of his new external hire EVPs have senior experience. None were even VPs (and everyone and their dog is a VP at a bank, trust me). None of them are remotely qualified for the positions they now hold.
All the issues start to make more sense. This guy a disgrace and is literally everything that is wrong with SECU's new "culture".
If Brady were smart, she would have asked for his resignation the moment she took the reins. Guess she fell for his Linkedin, shiny PR nonsense too (the one thing he's actually good at - marketing himself!)
Guess you cannot believe everything you read in the news. This article had you as the CEO from the late 1970’s. Just would have thought that you supported the expansion of eligibility when it was ruled on in 1981 if you were the CEO at the time representing SECU. (according to Business NC magazine)
ReplyDeleteFor the record the bylaw amendment, which was limited to adding only local government employees in "financial deserts" not served by any existing credit unions, was approved by the NCCUD on 9-15-77. Mr. Greer was the CEO at that time .
Delete...and also you're correct "you can't believe everything you read in the papers"!
DeleteSometimes people say insane stuff publicly and then excuse themselves for blathering "in good faith'. Happens all the time as you well know.
So the rule going forward should be: "If you want to "snark with bite"; then get your facts right."
DeleteSound okay?
Just an update. This commenter is still unapologetically "wiggling" about being caught with "bias in mouth " disease. Facts can be a difficult problem for some folks these days.... maybe that is the real, fundamental, underlying concern members have with all this?
DeleteI believe unless legal action can be taken to stop H410, all these folks will allow this to happen... I read everyday about how the common member/citizen is thrown under the bus and repeatedly run over ... They have theirs and they simply don't care about anyone else ...
ReplyDeleteRonald Reagan said, ‘The closest thing to eternal life on this planet is a government program’?
ReplyDeleteWell if H410 passes, you can rest assured IT IS FOREVER!!! and those who will benefit WON'T be the membership, (Owners of SECU for those keeping track) in fact just the opposite ... The politicians, board members, corporations ... etc will be reaping in the "PROFITS"
How would the board members reap profits? They are unpaid volunteers
Delete5:42P.M. You really can't figure that out? Look around you at the business world.
ReplyDeleteHad a family member transfer a substantial large amount out of their accounts at the credit union the other day. Call center asked why he was taking all that money out. They told them they could get alot better rates elsewhere. Have a feeling this is going to happen more often, especially if that bill gets passed.
ReplyDelete