Here's What One Of The New 2023 Member-Nominated Directors... had to say at the 2023 Annual Meeting about SECU transparency !
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Mr. Michael Clements
TRANSCRIPTION: [😎 Since you're not allowed to listen to the 2023 Annual Meeting video!]. Tuesday, October 10, 2023 - SECU Annual Meeting, Greensboro, N.C.
Remarks of Michael Clements: "Michael Clements, Winston-Salem: I have been a member of the State Employees' Credit Union since 1982 - that's 41 years. I have served on four Credit Union committees, including the SECU Foundation with several of the present board members. I have been proud of our work and our ability to say that at the North Carolina State Employees' Credit Union, unlike many other financial institutions, "We Put Members First". We believe in "People Helping People" and "Doing the Right Thing".
We created programs and support services that actually supported and encouraged the financial health of our members; and this philosophy was the driving force behind our incredible growth for 85 years.
We prided ourselves on our transparency. Yet last year at this meeting when we inadvertently learned of the many changes, which fundamentally recreated who we are; and in my opinion, fractured our former successful philosophy; I turned to the staff of my local branch at the table and asked them did they know about this? They stated they were told not to discuss it with members.
What happened to our transparency we were so proud of? Or the fact that all our members were equal from the state Governor to the state janitor?
Tier-based lending discriminates against many of our members and the fact that many other financial institutions use this policy is immaterial. We prided ourselves about not being like other financial institutions; we are not a bank.
State Treasurer Dale Folwell stated in the Winston-Salem Journal on Saturday that "an un-banked North Carolina is a sick North Carolina". My fellow members, we were not contributing to a "sick North Carolina". Our growth over the years and support of our members demonstrate that. These changes will put many of our members at a clear disadvantage. The loss of services like tax preparation and the loan review committee process are a disservice.
Is our new mission statement "People Helping High-Tier People"?** Or, when we say "Members First" are we talking about a specific group of members?
I ask you: Are we still "Doing the Right Thing"?"
[followed by wild applause - and his election!]
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** On September 18, 2024 the Federal Reserve lowered market interest rates by 1/2%.
SECU also lowered interest rates on vehicle loans by 1/2%, but only for A-tier borrowers - B & C SECU borrowers remain stuck with the higher rates!
Doesn't that look like discrimination to you?
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As Mr. Clements asked the SECU Board in 2023: "Is our new mission statement "People Helping High-Tier People"?
❋❋ Click here to vote now! ❋❋
SECU needs... 4 more in '24!!!
Jean Blaine, Susie Ford, Julian Hawes, and Kirby Parrish.
Wow! Powerful comments by Mr. Clements! Sure looks like SECU wants to be a bank that serves only the top 10%. Can not believe they did not lower every members' rate! Only the ones who need it the least....and had a better rate to begin with!
ReplyDeleteAnti -member board, anti-transparency, anti-employee, telling them not to tell the members the truth. 4 more in '24.
ReplyDeleteAmen! Well said...transparency is a joke with this group, has been for three disastrous years at our expense
ReplyDeletewhy wouldn't rates be lowered for all rate levels? That is same elitist bullhockey this board and ceo have been peddling last three years.
ReplyDeleteIt is so clear that the current incumbents, SECU Board and CEO do not understand why SECU exists. Those folks want a BANK. not a cooperative, member owned finafncial institution. If the incumbents win, Hello Bank!
ReplyDeleteVote Blaine,Ford,Hawes,Parrish if you want a member owned cooperative that cares about your finances!
Why do these guys not see their continuing mismanagement? Are they really that ridiculous as human beings?
ReplyDeletePathetic... ruined an icon. Stop it with 4 more in 24
ReplyDeleteLeaders now-a-days are so blatantly giving you the finger they don't even care about the perception!
ReplyDeleteThey have NO self awareness.
Maybe plenty of Self-awareness and no empathy. Plus an inability to understand how SECU was succesful for 85 years; a denial of the failed policies of the last 3 years. When are the incumbents predicting that their policies will lead to low operating expenses, low loan losses, an increase in deposits?
DeleteThey likely definitely understand what made SECU successful, but it's harder to palm a success off on someone else. If SECU goes downhill, then we can be "sold" for our reserve money to another financial institution. And then who gets the remainder of our reserves? Who gets a promise of a position at that financial institution? Who gets a kick back for facilitating the transference of all of the accounts of nearly 3 million people in NC? This is not denial. It's deliberate.
DeleteThe board and these 4 incumbents especially are anti-member, pro the $6 million ceo, the $5 billion loan, low rates, high costs, out of control loan losses. 4 more, 4 more, 4 more
ReplyDeleteNo more $6 mil ceo's after '24. End incompetency
ReplyDeleteright as they say: Can't fix 'incompetency"
DeleteCan vote them out!! vote Blaine,Hawes, Ford, and Parrish!!
DeletePulled all my money out and moved it all to my Bank of America accounts. This has really opened my eyes. Thanks, board of directors.
ReplyDeleteUhhh. This is crazy. You do realize that this is worse, right? Might not agree with SECU policies but moving money out of NC communities and stuffing the pockets of BOA is not the move.
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