Twain understood human nature!
😎 In two 8/4/2024 posts [link] [link] , there was quite a discussion of the upwardly spiraling loan losses resulting from SECU's "new/new" lending and collection practices - losses are now over $200+ million annually!
Much of the brouhaha broke out in the comments sections when an internal "new/new" advocate chastised member critics for their bad data and poor estimates - they didn't have their "figures" right! Here's one of his self-assured comments:
•Anonymous July 15, 2024 at 6:49 PM
"Charge-offs won't be $250 million in 2024. It's unclear how that
projection was derived. Rising delinquency is mostly a mortgage story.
Losses were high for unsecured, card and auto in 1Q, but 30-60, and 60+
delinquency dropped significantly in 1Q and that continues, and lower
charge off dollars will follow."
😎 Thought we might check that statement out against the federal regulatory reports. Below are the actual SECU delinquency reports for 3/31/2024 and for the just ended quarter, 6/30/2024.
Kinda hard to read, but you can enlarge them. You want to focus on the categories at the top (30-59 days, 60-89 days, 90-days...etc), then drop down to line #21 (in gray) at the bottom to see the total in each category. Got it?
Now compare the figures in each category in the first chart (3/31/2024) to the figures reported in the second chart (6/30/2024)
😎 Most impartial financial analysts focus on the total of loans delinquent greater than 60 days+ (that's the gray column on the right side) as a "leading indicator" of potential future loan losses.
❋ Total SECU delinquency in the 60+ day range is up by $25 million over the last 3 months - to over $725 million! [No, it hasn't "dropped significantly" [see above]!]
❋ The "new/new" arrived at SECU in September, 2021. Here's their track record on 60+ day delinquency: a) 6/30/2021- $292 million, b) 6/30/2022 - $384 million, c) 6/30/2023 $526 million, d) 6/30/2024 - $725 million!
... wonder which " figures" the SECU Board is receiving?
A loser on a record setting losing streak. We pay the freight, he runs his mouth.
ReplyDelete4 years later after the takeover and we are still worth $50 billion even after borrowing $5B from Daddy Fed ... everything isn't as it seems ...
ReplyDeleteMakes me sick that so many of us got forced out because we didnt know what we were doing...
ReplyDeleteNo you knew too well what you were doing. This Board needs people in charge that don't know what they are doing to perpetuate the half truths and lies they all tell the members.
Deletethis was a text book takeover, it just happened to be a non-profit (for now) organization ...
Delete... and nobody in state politics seem to care ...
... or local media ... hmmmmmm
Nobody seems to do their job now-a-days!
Too worried about everything else except what they should be concerned with ...
The old legal saw: “If you have the facts, argue the facts; if you have the law, argue the law; and if you have neither facts nor law, pound the table.”
ReplyDeleteThis board/CEO are just pounding the table....
www.secuforall.com
ReplyDelete