Why the Credit Union Commission must step up.
"Obedience to the law is not asked as a favor.
- President Teddy Roosevelt
😎 A simple refresher on why the last year has been an ongoing struggle to get SECU to abide by the law... |
✅ Wednesday, June 7, 2023
To: Rex.Spivey @ncsecu.org , SECU CFO
Dear Rex Spivey,
Would like to follow up on the financials. What you provided was an abbreviated two-page "trend summary" of SECU's financial performance, which was helpful. I had hoped to receive the regular, full report normally published monthly in the past. Are these financial monthly reports still available to members? Or have restrictions been imposed?
Checked with former CEO Mike Lord to confirm that SECU financials were available to members under his administration, which was also my experience. He indicated that the financials were "published" internally to a data site available to staff - and could be printed off for members upon request. Is this still the acceptable practice at SECU?
The reason I ask for your help is that branch staff seem to be "hesitant" about readily providing this information. Seems to be some uncertainty about what "current policy" is on making financials available to member-owners. Would you please clarify?
Additionally, there does not seem to be a set, committed schedule for timely publication of the reports. What is your anticipated, monthly publication target?
Again, thank you for your help, look forward to your response. As an aside, might I suggest that you publish the monthly financials on the SECU website? Go "digital"!
Sincerely, Jim Blaine
✅ Friday, Jun 9, 2023 at 5:36 PM
Dear Mr. Blaine,
SECU provides updates on our financials to members in a number of ways:
Detailed and audited annual financials in SECU’s Annual Report;
- Financial status report, updated quarterly, on our website; and
- Financial summaries shared quarterly in our Grassroots newsletter.
We will provide monthly summary financial statements that include balances for the major categories of assets, liabilities, equity, income, and expenses, to members on request through the Finance Department after the monthly Board meeting. The reports will be generally available the last week of the month.
We don’t get a high number of requests for these, so we’ll put a reminder out to our teams to make sure this is clear moving forward.
Sincerely, Rex Spivey
✅ Wednesday, July 23, 2023
✅ 04 NCAC 06C .0306 DISPLAY OF FINANCIAL STATEMENTS Each credit union shall display at its main office and all branches, copies of its monthly financial statement. The statement shall be posted in a manner that is accessible for inspection by members.
✅ Wednesday, July 26, 2023 |
Dear Mr. Blaine,Yes that is correct.
Sincerely, Rex Spivey
The US is just free market unregulated capitalism. That’s why corporations are able to get away with all this. No unions in the workplace. Corporations need to be regulated so workers will have labor protection and living wages/salaries so they can’t just simply be taken advantage of. In secu’s case it’s actually worse because we aren’t only taking advantage of workers, but we are taking advantage of the whole membership in this unique situation. Secu didn’t need a union prior to Hayes. We were treated good so it was never even thought of. Rules of 85, incredible 401k match, wages could’ve been improved but you got pay increases by passing classes and getting certifications. Built in incentives. Plus job security and for some departments very good work schedules which I believe would’ve eventually translated for branch workers as the industry evolves. No reason to complain. No stress. We just did our job with great training.
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