Up for grabs!
We're trying to refocus on the critical threat confronting credit union members nationwide - the commercialization of credit unions and the emerging "grab for cash by management and boards.
This potential looting of local credit unions is well underway and is evidenced by the many "scale-up" mergers, large insider monetary payouts, questionable bank purchases and the purposeful elimination of member ownership, control, and governing rights.
Insiders are playing a sophisticated game of high stakes, high rewards poker. If the past is often predictive of the future, credit union members - that's you - are playing a losing hand. The cards are marked, the rules aren't rigged in your favor!
But before we go forward, as a credit union member-owner you need to be convinced that you, your family and your community have a substantial financial interest in the outcome of the coming conversion and misappropriation of credit union assets.
So lets return to the issue of "Member Equity" [link - MisApp #1]. Again using SECU as an example, the member equity at SECU is @$6 billion! Those are the "reserves" that have been built up over the years to protect the credit union from unexpected losses or problems. That $6 billion belongs to you as an SECU member!
With @ 3 million members, each SECU member-owner is each entitled to @ $2,000 (($6 billion /3 million). But actually for you, it's probably much more than that with spouse, three children and five grand-kids - that would be $20,000!
✅ Since that "member equity" belongs to you and your family, here's the question: Would you rather 1) receive the $20,000, or 2) give it away?
Take your time... can't wait to hear your answer!
Reserves are insurance against future losses/expenses. Why would I expect to be paid from reserves?
ReplyDelete"They'll get it all from you sooner or later 'cause they own this ******' place. It's a big club and you ain't in it. You and I are not in the big club. By the way, it's the same big club they use to beat you over the head with all day long when they tell you what to believe..." (or what to expect)!
ReplyDeleteG Carlin
That’s the problem is we own this place and we are letting them walk on us
DeleteThey announced the board nomination. With the deadline having passed are there any options for member or self nominated runners? Or is this a we have to wait a whole year now because of a technicality 😢. Are there any people that submitted an application that was turned down that we can support?
ReplyDeleteI don’t want to give it away but at the very least I would like a say so in what happens to the funds that I have a vested interest in.
ReplyDeleteIt is crazy to me that they even have annual meetings at this point they are just using it as a hype machine no one has any voice there to speak up or ask questions what is the point. They just talk about how “great” they are doing then tell us submit your complaints to the trash can.
ReplyDelete