“There is a time to speak and a time to keep silent.”
—Ecclesiastes 3:7
It has been a difficult three years of controversy for the members, staff and Board of SECU. This series seeks to create a baseline on how all this got started and why SECU members may rightfully be concerned about what lies ahead.
We have elected the Board for 2025 and will, during the upcoming year, want to fairly evaluate the prudence, progress, and performance of the Board against the realities of the financial marketplace. The SECU Board as a group holds the direct, legal fiduciary responsibility for the performance of our credit union. The SECU Board members approve all policies, the SECU Board members hire the leadership. The buck stops with those Board members - all of them. No escaping that.
We have reviewed the disruption which arose within SECU after the new culture, new direction arrived in 2021, looked at the member-approved resolution of October, 2022 [Part 2], and discussed the SECU Board-approved Fireside Chat responses later that Fall [Part 3].
I pulled out one of those Board-approved Fireside Chat responses, dealing with LGFCU, [Part 4] to use as an example of why my doubts about the Board have increased. Those doubts were not because I was "disgruntled" [Part 6], those doubts were because I knew what was said in the Board-approved video was not true [Part 5].
Polite, reasonable, non-threatening questions had been asked on behalf of 2.8 million SECU members, the response clearly wasn't the truth, the whole truth, and nothing but the truth.
✅ Why would the SECU Board approve such a response? Why did they do that?
And, this is not a "one off" slip or "oops", more coming...
As a member, this "lack of transparency", dissembling, or whatever polite term one wishes to use is more than disturbing. WHERE is this board taking SECU?! and WHY?
ReplyDeleteDidn't the CEO say what the plan was in her speech at the annual meeting?
DeleteWhat is the need for the Board to hide policy decisions and the reason for making them from the members? Hidden by false statements and partial truths and disparaging Mike Lord and Jim Blaine. All the decisions made by the Board to limit member participation are increasing the alarm among informed members about Where is the Board taking SECU?
ReplyDelete