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".
Not a pretty picture!
SECU is once again nationally featured, take a look...
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?
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
ReplyDelete7:08pm You make a good point but miss the point.
DeleteThe 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!
I just read Chip's blog posting for today, explaining that 46 credit unions have ceased to operate in just the 1st quarter of this year. It's very well done.
ReplyDeleteIt makes me sad to see credit unions depart so far from their mission and purpose. Chip ends the post with two questions which I think can also be posed to the leadership of SECU: "Can a coop system with such behaviors routinely approved at all levels, ever hope to survive in the future? Should it?"
It may not matter to many people, but I am deeply disturbed by what I am seeing by many of today's credit unions. If it doesn't end, then the members will ultimately lose out on so many benefits. And I think tax-exempt status will soon be coming to an end. (Act like a bank, then pay taxes like one.)
Lastly, I think that it is impossible to chase profits and be a member-serving cooperative. This is my personal opinion, based on my direct experience working at both banks and credit unions. Banks are GREAT at making money. Credit unions have historically been INCREDIBLE at serving their members. While it's almost impossible to do both things well, SECU has provided some of the best possible member services in the entire country...for decades. SECU has also been one of the most financially successful credit unions in the entire country...for decades. I'm at a complete loss why the current leadership has decided to change this...
Well put together statement! I also spent years at banks and credit unions, SECU is headed in the wrong direction. What organization follows the path of failure and expect to survive?
Delete“No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other..."
Deletethe new/new despise the true member/owners of the credit union, so much they are willing to silence us ...
So effectively bypassing decision making by the board and ELT? Got it. If you want to see SECU collapse, go ahead and let members, who have zero insight into operational data, make all the decisions. Great job.
ReplyDeleteMember feedback and input does not equate to board and ELT decision-making, and you know it. I wish the board and ELT would stop being disingenuous and have a real discussion. It really seems like folks are trying to hide something.
DeleteI don’t understand why folks act like the annual meeting is the only place for members to give feedback. Why do we even bother to invest in the Advisory Councils, which is very unique. I can’t think of one other CU that has that model.
DeleteObjectively, do you really think ‘23, when about 30 members dominated the session and said virtually the same thing. vs. 24 where the CEO covered at least a dozen different topics from the questions ahead of time?
Will the Board and CEO allow that again this year pretty please? With whipped cream and cherries on top? Please. Looks like this is where members are. Beg for our law given rights and maybe, just maybe, the board will comply because WHO is enforcing Credit Union Law? NOBODY
DeleteAdvisory Councils? that is a mere remnant of the member participation that once upon a time, just 3 years ago, was the norm. don't go bragging about advisory councils to the members now.
DeleteBTW Where is that 2023 recorded annual meeting?
Deletestockholders in businesses are allowed to attend and speak at annual meeting. Ask questions of the CEO and board. Credit union member/owners have always had those rights. Until 3 years ago. You are being belligerent. Don’t know why. Looks like you’ve got your way but just don’t want to hear ANY other point of view.
ReplyDelete