Just SECU Or Everywhere?
We've been banging away on the suppression of democratic cooperative principles at SECU. The purging of SECU member rights has been purposeful and extensive. And the question remains: "Why does the SECU Board fear the members?"
The SECU Board and elite leadership team (ELT) seem befuddled by the idea that SECU members have a right to be heard and make motions, resolutions at the annual business meeting. These fundamental rights are prescribed in the standard bylaws published by both the North Carolina Credit Union regulator and by the federal credit union regulator NCUA. That standard was firmly embedded in writing in the SECU bylaws for 86 years, until the "we/we" SECU Board's "no vote/no voice" 2023 bylaw amendments.
If SECU so desperately seeks the mediocrity of "industry standard", then the SECU Board has failed that test largely. SECU has become "the new unicorn" among all credit unions in the destructive, dismantling of democratic, cooperative credit union principles. The SECU Board and ELT are now recognized within the credit union movement as "first without equals" - leadership without peer!
Every business person in the U.S. understands that a board of directors may not prohibit a shareholder from being heard at an annual meeting. True business leaders like Warren Buffet prove that year after year. If you own only a single share of Bank of America, Duke Power, Walmart, McDonald's in your 401-k, you have the legal, democratic right to speak and participate as a shareholder.
😎 If LGFCU/CIVIC credit union encourages open member participation at its annual meeting...why doesn't SECU?
✅ North Carolina state government should not be proud of this lapse in fair, citizen-first regulation. "Fiduciary duty" should have meaning and require accountability - for both the regulated and regulator.
The failure to act besmudges us all.
"First In Freedom"... last in practice?
it's difficult to choose the narrow way and many have fallen to the wayside ... you can sense the change of the atmosphere, you don't need to be an 'expert' ... folks are willing to compromise their integrity ... for what?
ReplyDeleteLGFCU no longer exists. One assumes that because it held a federal charter, it was required to allow members to speak. Will Civic continue allowing member participation? SECU no longer requires it because the regulator was retiring that very day that she received and approved the bylaw changes. Usually a 60 day process! Yes something reeks at SECU!
ReplyDeletecivic has a federal charter too
Deletethe inmates running the asylum ...
ReplyDeleteCivic probably don't want it's members speaking after the merger with all the issues they have
ReplyDelete“We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission.” — Ayn Rand
ReplyDeletewait until we have unaccountable AI running the show ...
ReplyDelete