Wilmington branch site?
Hope it is crystal clear that the larger credit unions do "compete against" each other. Saying otherwise is in fact a "La-La"!
Being polite and "cooperative" folks, many credit union leaders may deny it; and say instead "We're not competing, we're just trying to serve our eligible members!" And while that does sound better, it of course overlooks the "new/new" reality that most large credit unions now serve exactly the same group of "eligible members" - anyone and everyone!
So, lets not try to fool each other, the members or anyone else. Any downside to being honest and transparent?
The SECU Board was asked way back in October, 2022 about the question of open membership at SECU. Was that their goal? If so, why was that the best strategy? How would open membership benefit the existing member-owners of SECU - you, me and our families. At the time, it appeared clear that open membership was the goal of the SECU Board.
The SECU Board continues - three years later - to refuse to answer that question, although it was a member-approved, without opposition resolution at an Annual Meeting. The SECU Board continues its weasel - the members' voice no longer seems to matter. Support by the SECU Board for the new, proposed North Carolina H187 legislation - which permits open membership for state-chartered credit unions - further exposes and confirms the weasel.
✅ So once again remember this 2022 unanswered question for the SECU Board:
"Where are you leading us, why are you taking us there, how will it benefit the members?"
😎 Now before you jump to a delusion, be sure to note that the question for the SECU Board is to simply state their goal with membership and make their case with the member-owners - you, me, and our families.. Let's listen to all sides, let's have an open, honest discussion. Isn't that what a cooperative is about?
😎 Also, let me clarify that all three credit unions mentioned previously - PenFed, Langley and Navy - are fine organizations. PenFed and Langley make "no bones" about open membership, but I wasn't certain where NavyFed stood, it wasn't quite clear [link]. But after haunting their website for awhile, I dug this up:
✅ FAQ: 
Answer: "Yes, you're still eligible for membership. Keep in mind you may be asked to submit documentation like a DD-214 form proving your deceased family member would have been eligible for membership."
Now that's competitive! NavyFed wants you... dead or alive!
“Let's listen to all sides, let's have an open, honest discussion. Isn't that what a cooperative is about?”. Uh, Jim, is that you or were you hacked. I think you single handily made that difficult. You have caused division amongst staff and members. Glad you now see the importance of staying competitive. It is not only other large Credit Unions, but also banks, Fintech, Apple, and Amazon that are coming for our members with financial products and they do not all have our members’ best interests at heart. I think you should do a whole series on who we are up against with positive recommendations. We all need to come together so that we can continue to be the trusted financial provider for all members. The world has changed and so must we but we must keep our mission at the center of who we are.
ReplyDelete"You have caused division amongst staff and members."
Deletethat all started with the trojan horse Gym and Ayer and whoever else is in the shadows ...
Secu can never own up to this debacle
DeleteIs the current CEO of a large Raleigh based CU not a former Langley Executive?
ReplyDeleteElon Musk and X (fka Twitter) are also moving into fintech. They will be launching X Money for money movement capabilities. Imagine seamless money movement combined with the power of X AI. This would just be a gateway into platform loyalty building before expanding to other financial products. Apple did the same thing with a credit card and high yield savings. What is a way that Elon could hurt the competition? He could leverage his government influence to tax Credit Unions and say it is all in the name of helping balance the federal budget. These Fintechs and Big tech companies are able to provide financial services with thin and even negative margins all in the name of growth and market share since they are 100% digital. We have to stay competitive our we will become irrelevant. Fighting amongst ourselves will only cause more blood in the water to attract sharks. Will also keep us off mission.
ReplyDelete11:32am Know it's hard for some folks to grasp; but being "industry standard" may assure you become irrelevant. At least consider it...
Delete20 years ago, I joined SECU because they were fair, not because they had the best technology or even the best rates. "Fair" will always give CU's an advantage over banks... especially if bank regulations are loosened.
Delete@9:25 - You're already irrelevant.
Delete@4:40 - we are not irrelevant to the member that we helped purchase their first car or home. We are not irrelevant to the member that we helped who lost a loved one and needs help navigating their new circumstances. We are not irrelevant to the member we helped with financial planning. We are not irrelevant to the NC community that we serve through the SECU Foundation. We are not irrelevant to the hard working employees that dedicate their careers to helping people. While we may be small compared to Navy, Bank of America, Wells Fargo, Apple, Amazon and X, we make a difference in people’s lives every day. Do we need to continue working to be more competitive and convenient with our products and services, absolutely. I believe though that if we stop focusing on our differences and start focusing on our mission, then our best years are still ahead of us.
Delete"10:10 pm Stop fousing on our differences..."
DeleteWhat would you say those differences are?
"Wilmington’s metro population surged by over 13% from 2020 to 2024, surpassing growth rates in Raleigh (10%) and Charlotte (8%), per new Census data. The coastal city’s booming economy and influx of retirees, professionals, and families fuel expansion in housing and commercial sectors."
ReplyDeleteThe tax fight is on at the federal level, if you'd like to join in here's where to look: https://www.donttaxmycreditunion.org/#take-action
ReplyDeleteYou'll note the lead on the site: "Why credit unions are needed"
"Credit unions got their start in the U.S. when banks refused to serve working Americans. They provided a needed alternative so families, farmers, small business owners, and others left behind by banks had financial options."
Part of the increasing difficulty for credit unions in defending the tax exemption is many people are having difficulty seeing any difference between banks and credit unions.
Is SECU really an "alternative" any longer to the local banks?
of course we're an alternative to local banks. what's different from 10 years ago besides TBP, which simply added one more factor to a risk-based pricing methodology?
Delete11:34am Think you're asking the wrong question.
DeleteThe problem confronting credit unions with Congress is they are struggling to define how CUs are different from banks ...TODAY!
How do you answer? ... the lobbyist need some help evidently! Step up!
Congress isn't struggling with that. Just have the ABA, CBA, and ICBA making noise as usual. Congress has resisted listening to them and acting on it. CU lobbyists don't need help. They've won and they will keep winning. You can dramatize it all you want, but the tax exemption is no more at risk than it was 20 years ago, when everybody said then it was really at risk this time.
DeleteOnly thing that puts as at risk is not being relevant to members, offering the products they want, not being stuck in our legacy and thinking while adapting to the changing landscape lie 9:25 says.
I think there is a strong chance we could lose our tax exemption this time. The federal government is trying to cut costs, find ways to generate some additional revenue while still extending the Trump individual tax cuts. If they can cut the CFPB, Department of education, and layoff thousands of federal workers, eliminating the Credit Union will barely be a blip on the news cycle. Wish I was more optimistic about this one. Will have to find a way to still be competitive without it while still sticking to our mission.
DeleteThanks for sharing the link, https://www.donttaxmycreditunion.org/#take-action
DeleteJust submitted a message through this service
if you don't sense the change in the atmosphere then you ain't paying attention ...
ReplyDelete