"Covenant": An agreement, an understanding, a contract between people.
With the May 19, 2025 letter from Ms. Cathleen Plaut [link], the SECU Board and Executive Leadership Team (ELT) seem to believe that they may "change the rules of the game" willy-nilly.
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.
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. 🔺November/December, 2022 Fireside Chats. 🔺March, 2023 H.410 - Push for open membership/commercialization. 🔺April, 2023 Board election rules - independent nomination prohibited. 🔺June, 2023 CEO Exits. 🔺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. 🔺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. 🔺 May, 2025 - Member annual meeting resolution procedures request - do not exist, no longer allowed.
❋ According to Ms. Cathleen 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."
😎 Lawyers should be expected to be explicit with the truth. The statement above is not true and is on behalf of the SECU Board with a copy to the chief regulator of credit unions under North Carolina law.
Where do you think we should go from here?**
** "To hell" is not the right answer... already there...!
Simple question: Exactly why is her statement untrue? Were members allowed to bring resolutions in either 2023 or 2024?
ReplyDelete2:19 pm Yes.
Deletemember/owners have little to no say with what is going on... exactly how they want it ...
DeleteI would recommend people go ahead and look for another credit Union. sECU is a lost cause. I joined coastal and have surprised at how great the service is. This is the credit Union I remember!
ReplyDeletePray, for if they fail to have a change of heart we are doomed to their wicked schemes ...
ReplyDeleteThe board and ELT, two wings of the same bird, a vulture...
ReplyDeleteWhy are the chief regulators not involved in this debacle?
ReplyDelete