Monday, June 23, 2025

SECU What's Next? The Nation's Financial Community Notes The Loss Of SECU Member Rights...

Chip Filson writes the nationally followed "Just A Member" blog.

He is the retired CEO of the premier credit union "think tank" in the U.S. - Callahan's and Associates. Exceptionally successful entrepreneur and military veteran, Filson also served as an Illinois state credit union regulator and as a top senior level administrator at the National Credit Union Administration (NCUA).  Mr. Filson is a Harvard graduate and a Rhodes Scholar, historic preservationist, Ukrainian activist, even sings in the choir - "just one of the guys".

He takes credit unions seriously: "Cooperative design is unique. It provides singular focus on the member value. It’s that member relationship that is the foundation of credit union sustainability. And enhancing member participation in credit unions is vital to maintaining a distinct cooperative choice for consumers."
The "Just A Member" blog is currently featuring a series of financial shenanigans by credit unions, including less than transparent purchases of banks, dubious mergers among credit unions with multi-million dollar payouts to CEOs, rubber-stamping boards, suppression of governance rights, predatory member services and fees, while regulators are asleep at the wheel.

   Not a pretty picture! 

SECU is once again nationally featured, take a look...

Posted on

The Loss of Member-Owner Coop Rights [link]

 " ... illustrates a growing tactic by credit union boards to limit or end member-owner involvement in governance.  As explained below, the method is to unilaterally change the credit union’s bylaws to effectively stifle any member initiated election or annual meeting involvement..." [link]

 

Made d'grade?

 

 

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2 comments:

  1. AnonymousJune 23, 2025 at 7:08 PM

    One of the major issues with, allowing member resolutions is that it allows a small minority of the membership an outsized voice. If you can’t attend the annual meeting in person then you are at their mercy

    ReplyDelete
    Replies
    1. jim blaineJune 23, 2025 at 7:13 PM

      7:08pm You make a good point but miss the point.

      The governance resolutions would be presented well in advance of the Annual Meeting. All members could review and consider the resolutions in advance and vote on them w/o attending the annual meeting.

      Think that's called democracy... informed democracy!

      Delete

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