.... and hopefully better results.
😎 [Comments are active!]
Well, we're past the election(s) and perhaps it's time for a fresh start and a new look at the future, which lies immediately ahead of us. Maybe all that has gone on was either under-examined or over-hyped, or both! We will find out shortly.
Getting ready to gear back up on looking at the new direction, new culture (the "new-new" ) which was introduced at the Credit Union in 2021 by the SECU Board. For the record, I remain strongly concerned about the eventual impact of many of the new-new actions approved by the SECU Board, over the last 3 years. The financial results so far are not inspiring, operational execution has often appeared erratic, employee angst is palpable - a rocky road at best.
But if we're going to make a fresh start, lets leave that behind and focus on where SECU is going in the future and why.
In listening to feed back after the 2024 SECU election, several thoughts stood out: 1) focus on the SECU Board in its role as a fiduciary, 2) staff executes Board policy so leave them out, 3) if critical, provide both an explanation and alternatives, 4) review national trends within credit unions, 5) better inform the SECU membership of what is at stake and why they should care.
100,000 members voting in 2024 out of 2.8 million members is a great start, but having less than 5% of SECU members voting does not indicate a well-informed, engaged membership. Mailing ballots was a new, positive precedence by the SECU Board. All members are now assured of an opportunity to vote.
A well-informed SECU member will vote to "Do the Right Thing" - count on it!" That's what a democratic, credit union cooperative is all about.
So get ready for "SECU and Credit Unions-101: The Basics". Final exam scheduled for October, 2025
Have you attempted or considered meeting with the C-level team to discuss these items? I would hope that they would at least consider the alternatives that you mentioned. Would be great if we could have a fresh start as a unified group.
ReplyDeleteAs a fresh start an interesting idea, but don't think that's where all this needs to go.
DeleteWe have elected a Board to direct the CU and the Board is responsible for approving policy and seeing that it is executed. (more on this relationship shortly). The buck - success, failure, mediocrity - stops there.
This fresh start will be aimed at better educating the SECU member-owner. Well-informed members can decide for themselves about the direction and performance of SECU and vote accordingly.
Big task with 2.7 million members not participating....worth a try!
It isn't the C-level team. Mr Blaine says leave the employees out of it. It is the board. Doesn't appear that the board wishes to talk to or learn from Mr. Lord or Mr. Blaine but have moved to consultants. Consultants only know industry standard, so that is the future direction of SECU operation.
ReplyDeleteAs above, don't believe that the SECU Board needs to be looking to former staff for advice. The SECU Board should choose consultants, advisors, staff as it sees fit - their choice, their responsibility. That's what we elected the Board to do.
DeleteC-suite or otherwise, we've agreed to try and leave staff out of mix as much as possible.
Hopefully we can explain why "industry standard" is a mistake in judgment by the SECU Board and why other alternatives are better for the membership - and what the membership wants and needs.
We will also continue evaluating the financial performance of SECU during the year to see how the "new-new" is working out.
Glad to hear this blog will continue after SECU's election results this year. Your voice needs to be heard for the sake of the credit union movement as a whole. While its dissapointing to hear about some of the decisions being made within SECU, your perspective reaches beyond just one financial institution.
ReplyDeleteAgree with the thought that SECU members need to better understand what is going on nationally in the credit union sphere of finance.
DeleteCredit unions are changing rapidly and a very different future may be directly at hand.
Literally billions of dollars are at stake. Do the SECU members understand how all this will affect each of them and all of North Carolina? No they don't, but they should; and when well-informed should vote accordingly for their best interests.
Several recently retired SECU senior execs volunteered that the SECU Board is not being informed about what is occurring nationally and is not being advised of the potential ramifications for SECU and its members. The Board is in the dark.
If true, that absence of perspective might help explain much of what has occurred at SECU over the last 3 years.
It's difficult to make wise decisions if you aren't receiving all the facts. Uninformed decisions can be costly; but regardless, the responsibility for all decisions remains the duty of the SECU Board.
Better, more complete information should help both the SECU members and Board make sound decisions about the future of SECU.
Will be working toward that end...
Wish it didn't
DeleteWhile I agree that attacking employees personally struck a negative chord with a lot of people, I disagree that they should be left out entirely. SECU's direction is indeed the decision of the Board. But that Board is informed, at least to some degree, by SECU's management. They absolutely should be held accountable if they are not presenting the truth, the whole truth, and nothing but the truth to the Board.
ReplyDeleteAs noted, in the feedback over the last few weeks, there were several comments from knowledgeable folks that the Board has not been receiving full information on many topics.
DeleteThat aside - true or not, lets move forward and deal with the future. The goal is to better explain to all folks involved with SECU what is going on, what the options/risks are, and other alternatives might be considered..
Let the members decide.
Maybe the staff is not informed. That is not doing their own "due diligence" and presenting just partial information to the board? If no one in the CU industry is NOT doing risk based lending, how is the consultant going to present that? Although there is 85 years worth of hard data from SECU about just that topic.
DeleteKeep the fighting going! WE WILL WIN
ReplyDeleteWe have new management in charge that do not believe in the credit union movement or stance! In IT the management thinks SECU is based on socialism due to the $1 a month Foundation gift because you can’t option out. They cut salaries because nobody deserves it but them! It’s a hostile work environment! If you don’t believe, why are you here?
ReplyDeleteMembers can, and do, opt out of their $1 going to the Foundation.
DeleteThe $1 a month is a fee that is redirected to the foundation. You can call and opt-out of it being directed to the foundation, but you still will be charged a $1 fee ... your choice but the foundation has done plenty of good things through the years.
DeleteSECU the foundation is People Helping People ...
Just a note that there were several excellent, lengthy comments on the "in's and outs" of credit union operations, regulations and the difference between a not for profit , a charity, a savings and loan, etc. which I didn't post. Good stuff but way too detailed for what we're trying to do here.
ReplyDeleteLets try to stay out of the weeds, stay "bigger picture" until we get our footing.