... that "reality" is not true!
The 4 incumbent-candidates helped introduce risk-based lending (RBL) at SECU, which unfairly overcharges the majority of SECU member-borrowers. These incumbents approved a 5-tier (A-B-C-D-E "tiers") interest rate surcharge system, which penalizes many long-time, loyal members who have always repaid their loans to the Credit Union.
Members who were profiled (the B-C-D-E folks) as "higher risk borrowers" solely by their credit scores were forced to pay much higher interest rates - despite their positive payment records with SECU. No thought was given to the members' record and relationship with the CU! As an SECU borrower, you ceased being a member and became just a number.
One of the chief reasons put forth by these incumbents for introducing RBL was that: "SECU Is Not Serving Our "A-Paper" Borrowers". Take a look at the actual profile of SECU borrowers just prior to RBL:
... 247,000 "A-paper"borrowers just prior to RBL!
❋❋ Click here to vote now! ❋❋
Jean Blaine - Susie Ford - Julian Hawes - Kirby Parrish
... (see "BS meter" prior post).
Vote "All 4 in '24"!!! .
facebook.com/secuforall
Great chart! This shows that we were in fact already serving all borrowers, and that the board’s decision to adopt RBL was totally unnecessary. As a current branch employee, I can confirm that the majority of members have seen their interest rate go up on them. .
ReplyDeleteMy thanks for their efforts. Compressing the tiers made it a little easier on our members.
ReplyDeleteThere are lies and then there are damn lies. 4 more in '24
ReplyDeletelending policy is a disaster at secu and the humongous loan losses prove it. the board is throwing our money away left and right. get rid of the incompetence. Vote for the 4 member-nominated candidates
ReplyDeleteDid anyone hear why they removed the video from last year's meeting from YouTube. 2022 is still viewable. I wanted to watch it again
ReplyDeleteThey don’t want anyone to hear the members comments to the board. The board certainly did not hear them.
DeleteThey're not allowing the member /owners of the credit union to speak at their own board meeting!!
DeleteThat statement in and of itself tells you that these folks must go ... like the sooner the better!!!
* 4 more in 24 *