Monday, March 10, 2025

Is This "The Pits" Or What?

 

Commenter: "You're "cherry picking" the charge-off figures!"*

* [link to post]

😎 Nah, don't think so .

SECU management's "credit score" on credit card lending under "new/new" has shown a very consistent trend. Know that's an embarrassing fact, but these are the figures SECU reported to federal regulators:

SECU annual credit card losses:   

2021:  $9 million    2022: $19 million    2023: $35 million      2024: $54 million 

✅ While balances have increased 37% over the three years, losses are up 600% over 2021 ... and up in every year in between. 

😎 Sour cherries? You bet! Hand-picked? Not so..

Heh, stop trying "to duck" ... and just own it!


4 comments:

  1. "But everybody else is..."

    Sorry guys you don't understand that your " but, but, but...industry standard" is the problem, not the answer.

    As members, we expect more, we expect you to excel.... industry standard is not excellence.

    The staff can do it... they're not the problem... this is a leadership issue... SECU Board and ELT.

    The financials tell you - without bias - to stand down, get out of the way and let your staff "do the right thing"!

    You can't "pooh pooh "your own financial results forever... Losses up 600%. in 3 years... no excuses, that's your little red wagon.

    ReplyDelete
    Replies
    1. "SECU Board and ELT...this is a leadership issue....stand down, get out of the way and let your staff "do the right thing".

      These are wise words from proven leadership that was successful for so many years. Egos and the inability to recognize failure has crippled the top levels of SECU.

      Delete
  2. The boards' resumes indicate that this board is packed with smart, accomplished people. Members would love a direct explanation from the board the policy changes implemented with Jim Hayes and continued under Leigh Brady's leadership. These numbers are reported to NCUA by SECU itself. The numbers are not coming from the air, unless SECU is making them up to look bad. SECU just looks like all the others is no excuse for SECU having these kinds of losses now. Do these smart people have time or take time to look at what is going on?

    ReplyDelete
    Replies
    1. LOL ... these are the people that HIRED Gym ...
      had they not read his track record or did they have other intention$?

      Delete