BusinessNC has been the "go to" source for tracking the trends, triumphs, and transgressions of the North Carolina business community for over 40 years [link].
SECU made the headlines this week, with an interesting "twist" - an update "clarification" from the reporter, based on comments from SECU.
From BNC: "The State Employees’ Credit Union is reporting more delinquent borrowers as it boosts its lending."
"The Raleigh-based institution said loans more than 60 days late surged 49% to $700 million, compared with $470 million a year earlier. More than three-quarters of the late payments were tied to home loans, with used-vehicle loans making up most of the balance."
"SECU said about 20,650 loans were delinquent, about 5,500 more than cited in its 2023 first-quarter report filed with National Credit Union Administration regulators. Net charge-offs increased 50% to $72 million during the quarter, versus $47.5 million last year and $20 million in the same period in 2022."
"(A previous version of the story reported a higher level of delinquencies of at least 60 days, cited in the credit union’s federal regulatory report. But that reflected a regulatory reporting quirk related to the number of days in February 2023 (28) versus February 2024 (29).)" [read the entire article here]"
December 2023 Call Report - 60+ days = $753 million
December, 2022 Call Report - 60+ days = $556 million
... is there a "Leap November"?
‘Oh what a tangled web we weave/When first we practice to deceive’ ...
ReplyDelete... and lets not kid ourselves 'they' are getting a lot of practice, this may become what they are experts at when all is said and done!
What??? SECU says the big leap in the numbers is because of leap year? One day in February....
ReplyDeleteLeaping lizards are leading us now. Cold blooded slinkers.
ReplyDeleteStill no career path. Executives are recorded lying and being deceptive. Can another survey be sent out for us to rate upper management? I’m rating my employees quarterly on their level of work. Who holds the executives accountable? Loan admin?
ReplyDeleteYes. After all the money spent for compensation package study, back to the drawing board for salary adjustments, etc. No dearth of lies and deception with the current C-Suite. As long as their kith and kin have been rewarded, no one else matters. So much for we are the best, you guys are dinosaur legacies living within the 4 walls of the well, we are going to teach you how to do stuff better chest thumping.....
DeleteLoan admin has always been the enemy. This is nothing new. They should be disbanded and district managers have the ability to determine what products THEIR members need.
Delete"Enemy" is not the right word. "ill informed", "disconnected", or "self-serving" are probably better adjectives. They were given the authority to wield a sword and unfortunately, they grossly misused it. They couldn't handle the responsibility of it. Time to take that sword away because it was never needed to begin with.
DeleteKeep making more bad loans. We can make it up in volume. You can see how RACE BASED LENDING and charging rates bordering on extortion are beneficial to everyone. The loan goes into default at 10% or 20% interest - and the credit union still collects 0.0% interest. This is rocket science on steroids. If they want to ruin the credit union is there anything else they can do? They have done enough damage. Can members file a CLASS ACTION lawsuit as share-owners. Pseudo-Management is stealing and depleting the reserves. The reserves belong to the owners.
ReplyDeleteThis was nothing less than a Hostile Takeover of SECU,
ReplyDeleteperpetrated by the board and key figures on the inside...
JMO.
SECU leadership has become foolish BS'ers... board seems to approve.
ReplyDeleteThe Board is leading the charge ...
Delete... They (Board) approved hiring Gym ... they (CEO and new upper managers) approve of treating legacy employees like crap ... they approve of RBL ... they approve borrowing $5 billion from Fed etc... there is just too many bad? decisions to list ALL approved by this Board!
I say bad decisions, but honestly I think it's all calculated ... nobody ruins a company unless something is in it for them. What I don't know, but since they already have the power it must be financial gain. JMO
In the meantime legacy leaders continue to "retire" at an alarming rate. I know of at least three this week that are leaving sooner than we would have hoped.
ReplyDeletemeanwhile mgmt cheers this on as they are behind pushing those folks out ...
Delete"Only when the tide goes out do you discover who's been swimming naked." -Warren Buffett
ReplyDelete