😎 How does one go from "gruntled" to "disgruntled"?
✅ By sitting through the 2023 SECU Annual meeting and watching the SECU Board nod and applaud approvingly as the CEO delivered a boastful report that SECU - which is among the top 50 non-profit, cooperatives of all types in the U.S. - had had the "most profitable" year ever.
The SECU Board evidently failed to appreciate that reporting "record profits" at a non-profit credit union seemed a bit bizarre to many members and employees at the meeting. Especially when those "record profits" were mostly achieved by paying non-competitive rates of 1.00% or much less on over $25+ billion of member deposits. Record profits achieved at the members' expense.
Why would the SECU Board approve such a report? Why did they do that?
✅ By then listening to 32 SECU members make personal statements questioning and critiquing actions by the SECU Board during 2023 - which might have proved helpful if considered with an open-mind by the Board; but instead reading this in the national press the following day:
“… Let me be clear on that group of members; 28 of those 32 were SECU retirees,” said Brady. “These were members where Blaine gave them a sheet of paper and said ‘You read this.’ And gave the next one a sheet of paper and said, ‘Now you read this.’ They were holding papers where Blaine gave them talking points. And they were supposed to stand up during the comment section and read their comments.” [link to the media article] . Brady said she knows for a fact that is what occurred."
What is happening at SECU which permits such an obviously false - and highly slanderous - statement to be published nationally? Where was the SECU Board?
😎 The article also said: "A video of the meeting can be viewed here. [The member questions began at the 1:29:50 point.]. (Bet you can't find that video.) Why is the 2023 SECU annual meeting video missing in action, while the 2021, 2022, 2024 vids are available?
Why is that particular video being suppressed? Why did the Board agree to do that?
✅ SECU on 12/13/2023 - two months after the SECU Annual Meeting - finally said this: “My good faith understanding that one party drafted comments for speakers to deliver at our Annual Meeting was incorrect. Since the meeting, I’ve learned the speakers drafted their own unique comments or concerns with various SECU initiatives, strategic changes, or strategic objectives for the future."
Why did the Board take 2 months to correct "My good faith understanding.."? Did the SECU Board ignore the serious financial and reputational risk exposure they had incurred?
Especially when three of SECU Board members - newly elected at the 2023 annual meeting - were 3 of those 32 members who spoke. Not hard for the SECU Board to confirm who is telling the truth in all this. Just ask your fellow Board members!
😎 How does one go from "gruntled" to "disgruntled"?
It happens when the truth put forth by our credit union leadership becomes uncertain, unimportant, or is simply ignored.
