SECU What's Next? Isn't This A Losing Struggle?

   Absolutely!

The SECU members are losing:

✅ At the SECU Annual Meeting: 

 Recent Year     Member May Speak     Member Resolutions

       2022                  Fully Permitted             Fully Permitted

       2023                     Restricted                     Restricted

       2024                     Prohibited                    Restricted

       2025                     Prohibited                    Prohibited 

✅ Still to Come for SECU Members?: 

The Threat of Mergers, Malfeasance, and Bank Conversions! [link]. 

But there has been some progress, so stick with it a while longer if you can.

Victory is usually temporary, failure is rarely final, but...

"Don't it always seem to go..." [link]

 

All a bit Sisyphean? ... yes!

SECU What's Next? Quick Review: Then Get Ready For Next Round With The Regulator...

  

Just joking? "Covenant": An agreement, an understanding, a contract between people.

How did  SECU and the SECU membership arrive at this point?

 ✅ Baseline. Prior to September, 2021, SECU had an uninterrupted 85-year record of growth in assets and membership, un-besmirched by sanction nor scandal.

 ✅ Timeline.  🔺September, 2021 "New/New" arrives at SECU. 🔺Yearlong, 2022 Chaos Ensues. 🔺October, 2022  Annual meeting resolution [link]. 🔺November/December, 2022  Fireside Chats.  🔺March, 2023  H.410 - Push for open membership/commercialization [link] . 🔺April, 2023 Board election rules - independent nomination prohibited. 🔺June, 2023 CEO Exits [link]. 🔺July, 2023 By-law amendments - cover of midnight. 🔺October, 2023 Annual Meeting - Contested election, incumbents out - 15,000 vote.  🔺January, 2024  Financials - Most "profitable year ever", member deposits plunge [link]. 🔺April, 2024  Annual Meeting limits - members no longer may speak. 🔺July 2024  H410 fails. 🔺October, 2024 Annual Meeting - incumbents prevail, 100,000+ members vote.  🔺December, 2024 Financials - Soaring Budget/Delinquency/Charge-offs.  🔺March, 2025 - H187 - the "new" H410 introduced. [link] 🔺 May, 2025 -  Member annual meeting resolution procedures request - do not exist, no longer allowed. 🔺 June, 2025 - Administrator of Credit Unions rules SECU Board may alter Election Procedures at will.  🔺 July, 2025 - NCCUD affirms authority over bylaws [link].

  Next up:  "May, 2025 -  Member annual meeting resolution procedures request - do not exist, no longer allowed."

You'll note that  the North Carolina Credit Union Division affirmed its authority to enforce credit union compliance with its bylaws [link] last week.

In response to a member request, a May 19, 2025 letter [link]* seems to indicate that the SECU Board believe they may "change the rules of the Annual Meeting" willy-nilly. 

(❋ According to Ms. Plaut:  " ... the rules for recent Annual Meetings have permitted members the opportunity to speak or submit questions - but there was no process to allow members to introduce resolutions for consideration at the Annual Meeting.")

That does not appear to be a true statement...

... and that attitude does not appear to be in keeping with "the foundation documents" - the organizational charter, the by-laws, nor the statutory requirements - of SECU as a member-owned cooperative. 

More tomorrow...

 

 

SECU What's Next? Ain't Over 'Til It's Over...

      ... But Everyone Is Sure Watching Closely!

 

"Last-Minute Credit Union Expansion Bid Fails In N.C. Senate After House Push"

 

7/6/2025 [link] RALEIGH, N.C.— "Before heading out for their summer recess, members of the N.C. House attempted to grant North Carolina-chartered credit unions expanded authority through a last-minute addition to an unrelated tax policy bill..."

😎 Banks aren't thrilled...

"... be able to include anyone, anywhere in the world, and any business as a member..."

"... sought to give credit unions practically all the powers of banks, without taxing, supervising and regulating them like banks..."

  Why does SECU need H187 so desperately...?