... but still looks like a croc.
✅ Under the new 3-tier RBL system adopted by the SECU Board, member borrowers with "no credit" are assigned automatically to the worst (highest!) interest rate tier (the"C-tier)".
😎 What does "no credit" - or often referred to as a "thin credit file" - mean?
✅ From Experian (a credit bureau): "How a Thin File Affects You."
- A thin credit file can make it more difficult to access new credit when you need it.
- A thin credit file typically refers to a credit history with fewer than five credit accounts on a credit report.
- Approximately 62 million Americans have a thin file, according to the Experian report.
- Even if you are approved, a thin file can keep you from getting the best rates and terms available.
😎 Of the 62 million Americans who have no credit or a thin file, what age group would you guess is affected the most? Yes, that was an easy question wasn't it! Young people just starting out in life! Do you know why so many young North Carolinians don't have a credit score? Because a loan contract is not enforceable in North Carolina unless the borrower is at least 18 years old.
😎 The SECU Board's 3-tier risk-based lending assumes that young SECU members with no score/thin files are high risk borrowers - just because they are young - and automatically sticks these young people with the highest, worst borrowing rates!
😎 The better alternative would be to assume that our young North Carolinians were bright, responsible, wonderful folks and give them the very best A-rate available! But the SECU Board has its own - obviously unfounded by any facts - opinion about North Carolina's young people: They're really risky! They're guilty until they prove they're innocent.
✅ Who are these SECU young folks that the SECU Board so cynically discriminates against, solely because they are not old enough to have a "fat file" credit score?
... new North Carolina teachers,
... new State troopers,
... new nursing assistants/LPNs,
... new crew members at DOT,
... new correction officers,
... many of the new CC tech/certificate graduates,
... and many other young people in your neighborhood... including your family, your children and your grandchildren.
Do you support this lending bias by the SECU Board? Is this the credit union you want? Or is it a croc?
That's easy! It's a croc. The Leighdership knows it is too. Leigh herself publicly stated that all the member has to do to help out that child or granchild is cosign their loan! Easy as pie!! Leighite Leighdership!
ReplyDeletethat simple explanation should have excluded her from the position of CEO...
Deleteboard and ceo are shedding crocodile tiers over this
DeleteCan't wait until October. We need to get all these guys out now
ReplyDelete4 more in '24
Deletecroc!
ReplyDeleteI second the croc motion.
Deletethird it
Deletenot my credit union anymore.
ReplyDeleteyou have to fight to stop it ... Remember D-day!
DeleteI directed a member to this blog because she was really upset with our terrible lending rates. I told her that I've certainly learned a lot after keeping up with this over the past year. She served on our advisory board for a long time and has always loved "her credit union" but sees all the changes and is really disappointed with the direction we're headed. There was also questions about what was going on with our rate board being taken down. (Tons of members are aggravated with that!) All I could say was "I'm really sorry. I'm not quite sure why we had to take the board down before receiving a new one." Folks, she asked me if we were turning into a bank. I just looked at her and said "Sure feels that way." I mean, I'm not going to lie to her face and say "Oh, no! Everything is great!" because it's not.
ReplyDeleteYou have to be the light of the SECU!
DeleteExpose the darkness ...
They can take down the rate sign but they can't hide the truth!
Who is on the Board? How do I contact individual board members directly?
ReplyDeleteThey are on SECU website, but good luck with making contact!
DeleteWho is the chairman? What's his name?
Deletehttps://www.ncsecu.org/about-us/board-of-directors
DeleteWhich four are up for reelection? Doesn't look like a vey diverse group who reflects the membership.
DeleteDiversity in looks doesn't equate to diversity of thought ...
DeleteBrinson, Fleming, Wooten and Williams are up for re election
Deleteour board are thin file fat heads!
ReplyDeleteSECU Board ... judge, jury and executioner!
ReplyDeleteSECU is exploiting the future generation of NC for no purpose other than greed. The board needs to be outed to the press on this. This is not my credit union any longer. SHAME ON THE BOARD.
ReplyDeletesomeone whispered in their ear, 'hey you guys are a $50+ billion organization, why are you still catering to the lower income folks?
ReplyDeleteFor there will come a time when people will not put up with sound doctrine. Instead, because they have itching ears, they will accumulate for themselves teachers in line with their own desires.
Leigh Brady sent out an email to all employees today, celebrating SECU's "accomplishments" (didn't list the new branch/MSS career path as one of them though, weird!)
ReplyDeleteFunny thing is...it's so painfully obvious that she didn't actually write this email. The font is different for the two main paragraphs compared to the rest, and the writing style is completely different from her usual.
Did they think we wouldn't notice? Why isn't she writing her own emails? Who's really pulling the strings here?
She is also proud to announce that SECU won the 2024 Plan Sponsor of the Year national award in the "Total Retirement Offering " category. After having tinkered and messed up the retirement package for employees, she's very shamelessly touting and taking credit for the award. How long has it been since she took over as CEO? If she really cared about employees she would have reinstated the retirement benefits to all employees. Brady & Co never fail to surprise us, do they?
DeleteLeighdership: Whatever is left of this existing retirement offering is the work of your predecessors. You have not added anything new. In fact you are doing just the opposite - stripping away everything good in layers, slowly, one at a time. No wonder Hazy Gym, the mirror mirror on the wall peacock fit in well with this gang.
When you have crossed the point of no return, this is the modus operandi.
Yeah, the new SECU website, it looks great. Sure thing. Just like First Citizens Bank. Spent millions to make it happen. And still spending for a gateway to get into the real site to view the financial data. Members money being wasted and thrown around without care.
DeleteThis right here is the truth...
Delete"Whatever is left of this existing retirement offering is the work of your predecessors. You have not added anything new. In fact you are doing just the opposite - stripping away everything good in layers, slowly, one at a time."
A good Shepard wouldn't lead their flock over the cliff ... 'they' (Board/CEO's) did this ... but of course you don't have leaders when you follow Industry Standard!
Lol. Getting paid in 6 digits for nothing. Highest paid employee in SECU. Leigh couldn't even catch this simple error. Good God Leigh!
DeleteI had to tell a long time member today I couldn’t approve the loan because her d/i was above 43%. Credit score was 598. She asked me but isn’t that what the Credit Union is for? I replied it used to be. I would’ve wrote the loan in a heartbeat if I could.
DeleteCopy paste can be tricky you know. Poor poor Leigh, she is not a techie.... Wink Wink 😉
DeleteIsn't that why they pay all this exorbitant consultant fees and have Cornerstone guys and whatnot for. They write it all up and C-Suite sends them out under their signatures. Once again member money down the drain.
Delete30 year member- true believer - all in with the CU , brought my family, fat cat kids, teen zard accounts , first credit card, co-signed the car loan, got them rolling.
ReplyDeleteNow my grankids are risky criminals because they have come to cu to get started? Makes me want to puke .
Board needs to step down or lets get the money and personally sue each and every dumbass one personally.
in competence isn't free.
Leigh co-signed, so why isn't it an issue here?
DeleteRetirement Plan award huh? Guess the folks giving the award didn’t know about SECU kicking all retirees to the curb as of 1/1/25. All retirees will no longer be eligible for BCBS health insurance ( and will not have their premiums paid) and will have to find a new plan. SECU will deposit $6000 to an HSA for them at the beginning of the year and say “good luck”. Fine way to say thank you to the folks who spent their lives building this place.
ReplyDelete@ 6.7 9:24AM..Can you back this up with proof regarding retirement benefit for existing retirees ? I'm getting mixed responses from my sources
Delete@ 6.7 9:24AM..Can you back this up with proof regarding retirement benefit for existing retirees ? I'm getting mixed responses from my sources
DeleteIs this official or speculative?
DeleteOh my. When I left SECU, the one thing I truely regretted was giving up that lifetime health benefit. $6000 is a drop in the bucket for retirees who aren’t on Medicare. I have single employees on my company plan who are more than $1000 a month due to age banding. My company health plan isn’t even that great due to the astronomical cost of premiums these days.
DeleteWhen did they announce that? Interesting that they didn't want to do that right before the vote.
DeleteWhat? Wow. When did this happen? Was there a memo about it or was it sneaked in on the sly? Anyone can confirm? Does it mean Leigh will be kicked out too? She's a "dinosaur" compared to the others. Or will the cosigning mama dinosaur stay on and kick the rest out since she couldn't pull the wool over their eyes and they have caught on to her BS real quicker than she anticipated? You think they have hit the rock bottom and cannot sink any lower, they show us there's more depth to their low.
DeleteThe whole reason folks stayed on and worked so hard their whole lives being stolen to line their pockets. Bunch of wolves running around in sheep clothing. What an utter shame!!!
I was told this would apply to those eligible for Medicare. Pre-65 will still be on the employee plan, but beginning next year the cost won't be supplemented by secu. So based on current rates, rather than $97/month for single coverage, it will be about $225.
DeleteLots of people plan retirement for years in advance. SECU even has retirement planning seminars for employees that are years away from retirement. A big part of planning, of course is estimating expenses like health insurance costs.
DeleteIt sounds like SECU won't be giving retirees and people close to retirement much notice concerning the SECU health care insurance changes.
Previously, long-term SECU retiree individuals and couples had comfort knowing they had great health insurance. But now, it's possible that those families could encounter economic hardship if there's a significant illness. Possibly even negatively impacting their credit score.
Why not give more notice so people can better plan for the future?
@9:11PM - For an organization that is supposed to provide a good example of financial responsibly, they sure are making more difficulty for members and employees.
Delete927 When did this come out?
ReplyDeletevoting croc also.
ReplyDeleteIt hasn’t come out yet but a letter will be sent out soon. The $6000 deposit will be at the beginning of every year. Folks in HR will hep the retirees find the most beneficial new plan.
ReplyDeleteRegarding unannounced retiree benefit changes: Another disappointment from the BOD and new management. They are the ones that decided to spend too much money, now members, retirees and employees have to suffer the consequences. I guess it is going to get worse before it gets better OR it will just continue to decline. /CC
ReplyDeleteThey are also mailing ballots out to every member, rumor on the street. Leighdership really really wants to keep this job, and keep her buddies on the board. It will take a whole lot of hard work to elect FOUR new board members in October. If you want to see Brinson, Fleming, Williams and Wooten voted off so we can regain the integrity of SECU, START WORKING NOW!
ReplyDelete