... a tangled web!
It has been a difficult three years of controversy for the members, staff and Board of SECU. How did all this get started, have any disagreements been resolved?
An easy place to start is two years ago with the resolution which was presented at the October, 2022 SECU Annual Meeting. Please take a few minutes to read it [link], so you can judge for yourself the tone and tenor of the request.
The first few paragraphs simply provide a brief summary of the scope and success of the Credit Union over its 85 year history - a very positive record. Never heard much disagreement with that record.
Lets highlight a few statements in the resolution:
"Most noteworthy, SECU enjoys a sterling reputation built upon high standards and the dedicated work of a committed staff, active volunteer advisory boards, and excellent leadership from the Board of Directors."
And then these two notes:
"Over the last year, SECU has experienced a period of transition with the easing of the pandemic, with new leadership, and with great upheavals in the U.S. economy and world politics. Transitions of this magnitude always create uncertainty."
"Calls for “a change in our culture and a new direction” for SECU, however, have greatly heightened concerns among the staff and membership. Much of this concern may be unjustified, resulting from incomplete information, the always active rumor mill, or internal differences of opinion on new programs or ideas. Better communication can possibly allay these concerns, if unjustified."
The resolution then called for the Board to address with the membership what seemed to be the most pressing six concerns - open membership, a merger with Local Government FCU, risk-based lending, tax prep services, business/commercial lending, and the continued commitment to North Carolina.
The motions within the resolution were for the SECU Board of Directors to review and respond to the membership, after statewide discussions with the staff and all advisory boards. The fundamental questions were: Who are we? Where are you leading us? Why are you taking us there?
In addition, the Board of Directors was asked to update and make available to all member-owners its’ Strategic Plan for SECU - clearly explaining the Board’s recommendations for a new culture and new direction for SECU.
The resolution was approved by the members - even seconded by a Board member. The SECU Board committed to a series of "Fireside Chats" over the next several months to fully address and explain the issues.
Everyone seemed to agree: Transitions of this magnitude always create uncertainty; much of this concern may be unjustified; better communication can possibly allay these concerns...
Potential concerns politely addressed, better communications and explanations forthcoming...
Kumbaya! Problems resolved...
... what went wrong?
