It appears that the SECU Board has adopted new lending policies for RBL!
✅ Instead of having 5 punitive interest rate tiers (A,B,C,D,E), now there are only 3 punitive interest rate tiers (A,B,C)! The "D & E's" have been eliminated!
Finally an admission by the "We Are" Board that their RBL policies are not only unjust [see how it discriminates here]?; but are also financially disastrous - as soaring credit losses and delinquency so painfully demonstrate [see rising losses here]?
Progress at last? The "We Are's" are finally listening? Refunds will be made to members who have been overcharged? A new day is at hand?
✅ If not, why the change?
... not so sure Rosa Parks would be grateful to learn that "she will now be allowed" to move up to the "middle" of the credit scoring bus.
.... wait a minute, wait a minute! Hold your Rosas: Isn't the new "middle-C" tier now - still! - the back of the bus?
And what do you mean "D & E" have been eliminated?
Going from 5 tiers to 3 is kinda like being a “little” pregnant. “They” tout that now the D and E folks receive a better rate in order to provide a “more simplistic pricing structure”. Let me help you out a little - ONE rate for everyone is the simplest of all! And for this CEO and Legacy Board being really simple is good. The more complex it gets the worse the outcomes appear to be.
ReplyDeleteBy the way the C folks should be outraged. The E folks moved up 2 tiers so why can’t the C folks move up two tiers and get the A rate? See what I mean about being a “little” pregnant? And down the rabbit hole we go…
This board is a sad joke.
ReplyDeleteDon't forget Poor Leigh. She's sure great at making our membership more poor! Maybe she can step up an be a cosigner for those that need "A" rates! Its that easy, right!?!
DeleteWhat are new credit score minimums on A and B and C
ReplyDeletemembers need to ask more questions about this. it is worse than you might believe
ReplyDeleteAll smoke and mirrors folks. The actions of this BOD and Executive Management over the past few years have (fortunately) made most of us very good at sifting through the BS. Wait until you read the fine print about all those pesky D and E members who are supposedly costing us so much money!
ReplyDeleteSECU - Screwing the Members' is what we do Best!!
ReplyDeleteNew / New
Under 600 credit score?
ReplyDeleteGood news: You don't have to ride at the back of the bus.
Bad news: You can't ride at all.
The bad decisions just keep on coming folks.
What are the rates on ABC before and after change?
ReplyDeleteThis new change is worse than what we had before. If your credit score is below 600 you can no longer get a home equity loan, you are now not eligible for a line of credit, and you are not allowed a Visa. Want a personal loan? You are now limited to $5000. Also you better hope that your affordability meets the new more strict income guidelines. The discretion of a loan officer has been removed from the decision in this instance. The failed policies of specialization and removal of senior lenders is being "corrected" by being more restrictive with SECUs loan offerings and more restrictive income requirements. Failed policies and poor decision making has to led to the suffering of the membership. Don't be fooled folks, fewer loans will be originated forcing members to seek alternative, higher rate financing.
ReplyDeletealternative higher rate financing=payday lenders= Never ending debt cycle. New/new version of people helping people.
DeleteDelinquency and charge offs are at a high level and you are complaining about tightening underwriting standards? You sound like the reason SECU has high delinquency and charge offs.
DeleteCouldn't have anything to do with new policies and underwriting practices which are creating more bad loan decisions, could it?
DeleteIf not, why is SECU now "outperforming" its peers in loan losses and delinquency?
I know, not your fault, no need to apologize. It's those bad members, not bad decisions, mismanagement.
If those members were more responsible and worked on their credit scores(CREATED for them by three outside agencies using hocus-pocus algorithms that give blacks, young adults, and women lower rates) there would not be problem! It is clearly the members fault. Loan officers do not need to waste anytime listening to excuses made by THOSE people.
Delete@ 9:19AM. Step back for a moment and think about this. To be clear, our members have not caused this. Our leadership has changed, not the members. Our lending and collection policies have changed, not the members. The people making decisions have changed, not the members. The organizational structure has changed, not the members. Employees' ability to make decisions has changed, not the members. So before you start pointing fingers at what is causing the issue here...look no further than what has actually changed. It's not the members. God forbid someone should look in the mirror and say, "we messed up".
DeleteAt 9:19 and 10:21 My point is that delinquency has skyrocketed because of decisions made by management. Their decisions created a vacuum with senior lenders and they had no plan to fill this void Training has been non-existent and they devalued the position by reducing the starting salary for applicants with college degrees. The vacancies created by specialization have been filled mostly by employees that did not have a baseline of skills as possessed by previous new hires A lack of qualified talent and little job relevant training has led to the issues that are being experienced. Trained and seasoned lenders were able to determine which loans should and should not be approved by using sound underwriting guidelines, not credit score lending. To compensate for bad decisions, SECU is using a battle-axe approach by reducing the product offerings by relying primarily on credit score lending. SECU successfully met the membership lending needs for 85 years by allowing lenders to use their years of experience and training to evaluate loan applications using all factors and evauation of the credit history, not solely the credit score. Our history shows that we were great at it!
DeleteCentralized collections is the reason delinquencies are crazy bad-will never work, local collections worked-now no one has any idea who is working the past due loan, is it the branch? Is it collections? How many days past due is it? No one knows, so next thing you know, 30 days goes by and no one has called or sent a letter out, then it hits 60 days and so on and so on
DeleteNewsflash, delinquency rates will be declining very soon! SECU has a new extension policy. If you are pastdue 2 months or less, just ask for an extension. It will be approved, no questions asked! Is this "masking delinquency" to make the board and management look better? Sounds similar to borrowing $5 billion dollars to make asset growth look better. Never thought SECU would be cooking the books!
ReplyDeleteSounds like China ...
ReplyDeleteBoards got to go. Do us a favor and resigtn.
ReplyDeleteNot to be mean but where the H are our Advisory Boards? Speak up, ask questions...this is desperate. We need you to play a role, be public. Stop being patsies!
ReplyDeleteRepresent us, ask questions regardless how you feel ...we need you to step up for us as staff and members.
HELP!
who are the advisory board members at my branch?
DeleteUsed to be posted at the entrance to each branch. Been taken down?
DeleteI will look Thank you.
DeleteFrom what I hear they are no longer allowed to have “free discussion” meetings like they used to-it’s all watch this video and then pretty much meeting is dismissed, no longer allowed to ask questions, have to stay on track on the topic VPs are discussing, someone correct me if that is wrong…they are on a need to know basis at those meetings
Delete"Not to be mean but where the H are our Advisory Boards? Speak up, ask questions...this is desperate. We need you to play a role, be public. Stop being patsies!"
ReplyDeletePlaying devils advocate, maybe they are but are being ignored? That is one of the boards better traits, ignoring members/owners...
Anyone recently tried contacting the board and voicing displeasure over the bad business model currently in use? any response or still a black hole?
Delete"Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence: nor is the law less stable than the fact."
ReplyDeleteJohn Adams