Lots of comments surrounding the 100% increase in fees for SECU members using Credit Union Investment Services (CUIS) [see post 1/9/2024 here]. Some Chicken Little anonymouse commentors have forecast the end of the world if fees to SECU members aren't raised - which is getting to be a frequent refrain across all SECU services. Pay more, get less.
😎 Here are the real numbers provided by Mr. Rex Spivey, the Chief Financial Officer at SECU:
✅ 1) Credit Union Investment Services (CUIS) - Audited Balance Sheet 2023 & 2022:
... Assets of CUIS grew in 2023, up 14% over 2022. A pretty good record in an uncertain economy! It would appear that over 41,000 members use CUIS, with assets under management pushing $2 billion - not exactly a shabby record for a "start from nothing " effort launched @ 15 years ago. Low cost service with simple products designed for all members has worked well.
✅ 2) CUIS - Audited Income Statement 2023 & 2022:
... and CUIS "was profitable" in 2023, as it was in 2022, as it was in 2021, as it was in... well, as a member, you get the picture. But the current leadership at SECU has some "new/new" ideas for CUIS...building upon their remarkable track record of non-market savings rates, risk-based lending, decline in assets, soaring operating expenses, .... stay tuned, Chicken Little may have a point!
... "chicken something else"?
