Credit Unions: The Godfather Mergers - Part VI

  “Like many business men of genius, Don Corleone learned that free competition was wasteful, monopoly efficient.” 

In case you came in late, the Godfather series [for whole series click "Godfather" button above] has looked at the issue of mergers among credit unions. BECU/SAFE are featured; but are by no means the exception, nor meant to be singled out. 

In this merger, the SAFE Board of Directors is giving away the credit union and $400 million in cash to BECU. Several better "deals"  have been suggested [link]; it is hard to imagine "a deal" which is worse. 

If the SAFE Board of Directors reconsidered "the deal", paid out the $400 million to SAFE members, and avoided the potential class action lawsuit; would BECU still take the merger? Guess we should ask Jefferies, LLC [link] - BECU's merger advisor. But, even after rightfully returning the $400 million in cash to SAFE shareholders...

✅ We can state without argument that BECU would still receive a thriving $4 billion asset business, 244,000 additional members, 21 branches in 13 cities, a knowledgeable, experienced, local staff, with a strong reputation for service. Not to mention all those highly-heated vapors promised in the press release [link]!

✔ If you wanted "to create" a similar $4 billion credit union in California: 1) What would it cost you? and 2) How long would it take? 

😎 Where could you go "to acquire" such a powerful business entity for free? 

  But wait, believe it or not; it gets worse... for SAFE shareholders!

** For the entire Godfather series click the "Godfather" button at top.

 

Credit Unions: The Godfather Mergers - Part V

  "I respect those who tell me the truth no matter how hard it is."  - M. Corleone

✅ So lets add two more alternatives for the member-owners of SAFE credit union to consider, that will give us five choices (there could be many more):

1) 🔲 Merge with BECU - receive free membership and no cash. [The current SAFE Board approved recommendation to members [link]].

2) 🔲 Merge with BECU - receive free membership and distribute $1,639 cash to each SAFE member-owner [link]. 

3) 🔲 Merge with BECU - receive free membership and distribute $100 cash to each SAFE member-owner [link].

4) 🔲 Merge with BECU - receive free membership and distribute $500 cash to each SAFE member-owner.

5) 🔲 Merge with BECU - receive free membership and distribute $1,000 cash to each SAFE member-owner. 

✅ Similar to #3, if the SAFE Board chose #4, BECU would still receive a free credit union, 244,000 new members and @ $275 million in cash. Under #5, BECU would still receive a free credit union, 244,000 new members and @ $156 million in cash.

😎 If you were a "pure play" merger expert like Jefferies, LLC, would you have any difficulty recommending any of these merger proposals to BECU?

✔ If you are a member-owner of SAFE credit union, should you be requesting a little more information from the SAFE Board on why choice #1 is the best decision for you? 

 Think that's called the principle of full and fair disclosure in any business transaction... y'know, "I respect those who tell me the truth no matter how hard it is."

** For the entire Godfather series click the "Godfather" button at top.

Credit Unions: The Godfather Mergers - Part IV

 

 "Sonny, it’s not personal. It’s strictly business.  - M. Corleone

The discussion of the proposed merger between BECU and SAFE credit unions is heating up! The merger has gained notoriety not because it is unique, but because it may foreshadow the demise of credit unions as cooperative financial alternatives. The irreversible paradigm shift, the canary in the cooperative coal mine.

BECU announced the takeover in a lengthy press release [link]. Of important note was that BECU had hired the global investment firm Jefferies, LLC [link] to advise them on the acquisition.  Jefferies rates itself as "the leading pure-play investment banking and capital markets firm" - apparently in the world. 

Evidently, Jefferies has advised the BECU Board of Directors to accept the gift of the $4 billion credit union, along with $400 million in cash, from the SAFE Board of Directors. That appears to be excellent advice from Jefferies for BECU! It is not clear who is advising the SAFE Board of Directors.

An alternative merger proposal has been put forward [link], suggesting that the SAFE Board distribute that $400 million in reserves to the SAFE membership prior to the merger - a pro rata distribution of @$1,639 per member. Clearly a superior proposal to giving the store away.

      Some blah, blah, blah "folks" have questioned why BECU would accept that proposal ? Lets take that question in a couple of bites over the next few days; but here's the first question for your consideration:

✅ What if the alternative merger proposal instead was to distribute $100 to each of the 244,000 SAFE member-owners (@$24.4 million) prior to the merger? BECU would then receive a free credit union and @$375 million in cash! What would Jefferies advise? 

✔ Would the SAFE Board (and its' advisors?) agree to that proposal?

  BTW, I apologize if you've been tripping over lots of overturned rocks this week, the trolls have absolutely frenzied on this topic and are surfacing everywhere...

** For the entire Godfather series click the "Godfather" button at top.

 

Credit Unions: The Godfather Mergers - Part III

 

"Only don't tell me you're innocent, because it insults my intelligence and makes me very angry." - M. Corleone

Now that we have those trolls back under a rock, lets return to the discussion of the BECU/SAFE merger [link] much in the news. After the merger, BECU will become a $33 billion institution and SAFE will disappear.

Founded by a visionary group of Sacramento government workers in 1940, the member-owners of SAFE have built a $4 billion credit union worth over $400 million! 

The SAFE CU Board of Directors is composed of 11 members. According to the SAFE website [link]: "Serving on our Board provides opportunities to network, grow your personal brand, support initiatives that resonate with you while serving our members."

✅ Recently the Board of Directors of SAFE voted - "on behalf" of the 244,000 member-owners of SAFE - to drop off the keys to the credit union and give that $400+ million in member reserves to BECU. 

What a gift! An entire credit union and $400 million in cash, free of charge! And, what do the 244,000 members of SAFE receive in exchange?  Membership in BECU! - evidently a benefit valued at @ $1,639 per SAFE member!*

Wonder if the SAFE Board of Directors knew that every SAFE member-owner can join BECU today by simply opening a $25 share account  - at BECU: Membership is free! [link].

✔ What if the SAFE Board didn't know that?  What if they did...

   Either way -" No need to ask, they're smooth operators....! " [link]

 * [that $400 million in member cash reserves/244,000 member-owners = $1,639 each!]

** For the entire Godfather series click the "Godfather" button at top.

 

Trolls

  

From Godfather Mergers - Part II [link]  Anonymous November 22, 2025 at 8:52 AM "Where’s the rest of my post? Guess it would make your post look really silly, so not surprised you edited it."

😎 Was trying to save our troll from further embarrassment. Our troll is well versed in "looking really silly" ... take a look at some more ("Where's the rest..."):

✅ "You seem to think our Board is clueless, but most aren’t.[1] Kinda think if BECU board approved that scenario there would never be a clearer case of a breach of their fiduciary duty to protect their members best interest [2]

You can, and likely will, dwell in the fact that it’s legally permissible to do what you suggest. No dispute. [3]  However, the only place that scenario would actually happen is in the delusional fantasy land you have in your head. You’re advocating for an act of board negligence.[4]

Would love your thoughts on why you think BECU, or any other CU, would agree to the terms your suggesting, [5] and if they did, how it’s not a breach of their duty. Something tells me this one won’t get posted. There is no rational counter argument to my point."[6]

😎 [1]  The scary part is the troll appears to work at SECU. The silly part is the troll seems to openly imply that some of the SECU Board is clueless ("some aren't").  

😎 [2] Doesn't say why it would be a breach of fiduciary duty!

😎 [3] But interestingly, does confirm correctly that it would be entirely legal.

😎 [4] See [1] above... make that breach and negligence but no explanation

😎 [5] Pledge to do so, if I can get away from responding to this type comment.

😎 [6] Think you may overestimate your rationale somewhat. 

✅ Wikipedia:   Trolls are beings in Nordic folklore, described as dwelling in isolated areas, mountains, caves, or under rocks, living together in small family units, and are rarely helpful to human beings. 

  Don't post most "troll stuff", because it is rarely helpful to human beings.

✔  If you prefer reading something helpful to human beings  on this topic (instead of troll trash), try this [link]. 

 

Credit Unions: The Godfather Mergers - Part II

  “Finance is a gun... ” 

  Comment on "The Godfather Mergers - Part1" [link] from the troll-itariat: "Really big misread on this. You have it backwards. There is nothing in this for existing BECU members. Their capital is diluted by taking SAFE on, it will be a management distraction, and it will drop BECU’s OpEX from 3.43 to 3.30%"

Under the fair payout merger proposal, each SAFE FCU member receives @$1,639 and membership in the combined BECU. The combined capital ratio after the merger is a very strong 11% (the average for all CUs > $10 billion is 10.38% according to NCUA).

The trollish comments - "nothing in this for existing BECU members" and "it will be a management distraction" - are simply amateurish. Criticism of BECU management is completely unjustified. They're "making out like bandits", so to speak. 

But our anonymouse troll saves the worse for last in decrying the fact that the proposed merger "will drop BECU’s OpEX from 3.43 to 3.30%"  

Say what?... that the cost of operating BECU will be lowered from 3.43% to 3.30% is a bad thing? If you go to the grocery store and pay $3.30 for a pound of hamburger rather than pay $3.43, that's a bad thing? This little troll might want to get checked out for "financial microcephalia".

In case you would like the truth: SAFE FCU's cost of operations (troll talk - "OpEX") is a steady 2.50%, while BECU's cost of operations is a persistently rising 3.33% (according to NCUA). In other words, it costs the folks at BECU a third more in operating costs to run BECU, than the cost of running SAFE. 

SAFE is more efficient than BECU and cost wise is the better value for members.

 Well! So much for the ole "economies of scale" claim in hyping up mergers... at least in this case that's "SAFE to say"! 

** For the entire Godfather series click the "Godfather" button at top.

 

 

 

Credit Unions: The Godfather Mergers...Part 1

   Just make them an offer they can't.... understand.

The proposed west coast merger between BECU and SAFE credit unions has been all in the news [CUDaily] & [Filson blog]. The merger would create a $33 billion credit union, fourth largest in the U.S.

The financial health of a credit union can usually be diagnosed by looking at just a few measurements: capital level, earnings, delinquency, liquidity, and operating costs. These two credit unions are performing well on all fronts! Both strong organizations.

✔ The only real question on this merger is why the SAFE CU Board is "giving away" the credit union at the expense of every SAFE member?   No question this is a great deal for BECU, and a very, very poor deal for every SAFE CU member-owner.  

✅ SAFE  members might like to request this simple alternative merger proposal: Pay out $1,639 to each and every member of SAFE CU (244,000 folks) on the date of merger. The payout is equal to the member-owned reserves of SAFE CU (@$400 million).

After the merger, former SAFE CU members can enjoy all the benefits promised by the combined BECU merger proposal... and enjoy the $1,639 for a short vacation or a little X-mas shopping.

After the merger and the fair payout, the newly merged BECU will remain a solid, safe and sound credit union with combined assets of $33 billion and with a combined, sterling capital ratio of @11%!

Whoever is advising the SAFE CU Board on this proposed merger might want to re-review the concepts of "fiduciary duty" and personal liability with them.  And mention, how tenacious California class-action lawyers are when they smell blood in the water...

That contested $400 million in member equity at SAFE CU can feed a lot of sharks.

 $400 million up for grabs? Kinda makes your "Jaws" drop doesn't it... 

** For the entire Godfather series click the "Godfather" button at top.

 

 

 

The Blind Leading The Blind At SECU?

   ... better take a look!

 “The only thing worse than being blind is having sight but no vision.” - Helen Keller  [link]

Credit unions nationwide are merging and "selling out"  - their member-owners in particular! Here's the latest, very large example [link]. This trend will be coming to North Carolina in the very near future!

Have tried over the last few months to encourage the SECU Board and our CEO Leigh Brady to detail their strategy on the issues of merger and charter conversion to the entire membership. The latest request was on November 11th [link]. The two key points were:

✔ For your information, the two issues which I believe need to be addressed are the rights of SECU members in the event of 1) merger, and/or 2) charter conversion. These two important credit union governance changes are occurring with increasing frequency nationwide - among credit unions, large and small alike.

✔ You and the SECU Board could provide tremendous leadership for credit unions by discussing, reviewing, and adopting appropriate governance rules protecting SECU members.  

Lack of vision can indeed be a problem for a credit union... a refusal to speak to the members can also be disabling.

  Is the issue of member-ownership at SECU moot or mute...?

 

 

 

Naw, Can't Happen Here... "We're SECU"

 Thought you wanted to be "industry standard"? 

   

                 [see story here CUToday , or here CUDaily] 

The SECU Board in September approved bylaw amendments evidently designed to "protect" themselves from the 3 million SECU member-owners. The Board and our CEO refuse to discuss those approved changes, while the regulators remain at lunch.

The members of SECU are at substantial risk. What is the risk? The risk is either that the SECU Board and our CEO do not have a clue about what is happening nationwide with credit unions... or that perhaps they do!

One would hope that as Rome catches fire our leadership would stop fiddling around. That time is at hand... over $6+ billion - of SECU member money - is up for grabs in North Carolina.

If the SECU Board needs bylaw changes to protect itself from the members; who protects the SECU members from the Board? 

Maybe as a member, you should ask our CEO ... even if  simple member inquiries now appear to be viewed as complaints [link]!

While We Wait On The "No Complaint Complaint" Response ...

   A word to the wise?

 From Bill Brooks: Values Should Lead The Way

Credit unions were charged with a mission of providing a place to save and borrow for members including those of modest means. The structure was based on 7 cooperative principles developed in 1844 by the Rochdale Society of Equitable Pioneers in Rochdale, England.

To evaluate success, you need a yardstick. To call yourself a credit union, the Rochdale principles are the yardstick. One has to consider whether today's efforts to change that yardstick is changing the entire credit union model? And, misleading potential members about our virtue. 

The principle of member owned and controlled is gone with the wind! Members have little control over their credit union. The directors of most credit unions are self-appointed and self-sustaining. It was a pleasant surprise that SECU successfully tossed out some officials several years ago. I believe since then it has been a return to business as usual on the board. There may be some democratically controlled credit unions still out there, but I don’t have time to search for a needle in a haystack.

A major principle practiced is cooperation amongst cooperatives. The merger mania is a total failure to follow the concept of cooperation amongst cooperatives. The latest credit union, where I served as CEO, had a large list of suitors professing a desire to lend a helping hand, but also wanted a discussion about merger. Most members don’t understand the value of their organization. If they knew their rights to the reserves of the credit union, they would never vote to merge. 

There may be good reasons for the merger, it is just that the members are getting screwed and the compensated insiders of the merging credit unions are usually the winners. 

It is not that the changes that have happened over time have not been necessary. What is clear is that credit unions are presenting ourselves  to be something that they are not. Presenting ourselves to be something that we are not is "unprincipled" Rochdale fraud.  There is nothing wrong with the 7 principles, Rochdale still provides sound guidance.

But there is a major problem with practice. 

 

 "New/new principles" which " know the price of everything and the value of nothing"?

"I can't believe what you say, because I see what you do." - James Baldwin   

Second Request To Leigh Brady, SECU CEO, For "Special Meeting" Procedures

  ... getting a signal?

✅ Dear Leigh Brady,

In response to my email to you on November 11, 2025 [link], I received today the following response:

✵ 11/14/2025 - From: Member Resolutions <member.resoltions@ncsecu

"Mr. Blaine:

Thank you for your message to SECU CEO/President Leigh Brady. Your correspondence has been forwarded to SECU’s Member Resolutions department. We have documented your complaint and will respond as soon as possible. Please allow up to ten (10) business days to complete our investigation and respond. Thank you for being a valued member of SECU!"

✔ The request of you on 11/11/2025 was simply to send me a copy of the procedures for calling a "Special Meeting" as prescribed in the SECU bylaws. Clearly I did not file a complaint.   

According to the ruling of your chief legal officer [link - at bottom];   

"You or any other member may arrange for a special meeting of the members as provided in the bylaws. (See Article VIII, Section 4.)" 

In pursuing this avenue we wish to follow precisely that which the SECU bylaws require of any member. We must have your requirements in order to proceed.

Appreciate your prompt response to the initial request. Sorry for the misinterpretation; if you thought it was a complaint, it was not. 

Know you are busy, but again the procedures are not available in the branches, nor online. I can have someone pick them up directly from your office, if that would be more convenient.  

Look forward to receiving the information requested shortly. Thank you. 

Sincerely,

Jim Blaine, SECU member

 What could be causing the "hold up"? 

 

 

 

SECU Member Participation In Their Cooperative Shouldn't Be So Difficult, But...

    ... keep moving forward.

To: "BRADY, LEIGH" <Leigh.Brady@ncsecu.org>         November 11, 2025 Re: Request for "Special Meeting" Procedures and Guidelines

Dear Leigh Brady, Would you please forward to me the instructions for calling a "Special Meeting" as prescribed in the SECU bylaws. Can not find them online, nor do the branches have copies. Please let me know where those procedures are available to the SECU membership? As you know, several attempts have been made over the last year to find a reasonable way to present you and the SECU Board with current and future credit union governance concerns. Unfortunately, no simple, straight-forward path has been found. Ms. Plaut, chief legal officer at SECU, has ruled in her August 20, 2025 letter [see full copy below] that the SECU bylaws provide the mechanism for any SECU member to submit a resolution:  "SECU's bylaws do provide a mechanism for a member to present resolutions to the membership by arranging for a special meeting. See Article VIII, Section 4. You or any other member may arrange for a special meeting of the members as provided in the bylaws." Therefore, would you please send the instructions on how to proceed. ✔ For your information, the two issues which I believe need to be addressed are the rights of SECU members in the event of 1) merger, and/or 2) charter conversion. These two important credit union governance changes are occurring with increasing frequency nationwide - among credit unions, large and small alike. You may not be aware, but these two issues have arisen in the past to threaten the cooperative, nonprofit structure of credit unions. In 2005, several credit unions pushed for the ability to convert to for-profit banks (a good example was $1.4 billion Community Credit Union in Plano, Texas, which converted to ViewPoint Bank). In the conversion transactions, it became clear that the vast majority of regular members were deprived of their rightful share of the market value of the credit union.  SECU, along with many other credit unions and regulators, worked hard to strengthen the rules which governed such conversions. New requirements were adopted to better assure that the membership would be better informed and fairly compensated in these transactions.  ✔ With the recent advent of mega-mergers, bank purchases, open membership, and insider payouts, these issues have arisen again and need to be revisited. The stakes are much, much higher now than in 2005! Members are not receiving the full and fair disclosure required for an informed vote on the transaction.  You and the SECU Board could provide tremendous leadership for credit unions by discussing, reviewing, and adopting appropriate governance rules protecting SECU members.  Past and recent history clearly show that positive risk management procedures on these governance issues need to be firmly in place .  It had been hoped that these resolutions could be brought to your attention for consideration without difficulty. But, if a "Special Meeting" is the only acceptable mechanism under the bylaws, then that course can be pursued.    SECU has over 3 million members, a market value well-in-excess of $ 6+ billion; and is a key employer and positive economic engine for North Carolina. Each SECU member has an individual pro-rata interest in the $6+ billion market value of the credit union. Their future interests should be fully and fairly protected. There is much to be lost. Look forward to receiving the procedures and guidance from you shortly. Happy to discuss these concerns, or any other alternatives you might suggest to a "Special Meeting".  Thank you. Sincerely,  Jim Blaine - SECU member

 See if the "buck stops"... where it should!

__________________________________________________
✅ Via Email Ms. Cathie Plaut, Chief Legal Officer,  SECU

August 20, 2025
James C. Blaine 

Re: Annual Meeting Inquiry 

Dear Mr. Blaine:

"Thank you for your inquiry on August 15, 2025. You inquired if significant SECU member resolutions involving the governance of SECU may be submitted for inclusion in the Notice of the 2025 Annual Meeting. The purpose of the Annual Meeting is for members to elect directors. While the rules for the 2025 Annual Meeting have not yet been adopted, 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.

SECU's bylaws do provide a mechanism for a member to present resolutions to the membership by arranging for a special meeting. See Article VIII, Section 4. You or any other member may arrange for a special meeting of the members as provided in the bylaws.

SECU members possess a defined set of member rights; those rights stem from the governing North Carolina statutes and from the SECU bylaws. Neither source provides a right for members to present resolutions to be voted on at the Annual Meeting. The North Carolina credit union statute requires only that the annual meeting and any special meetings of members be "held at the time, place, and in the manner indicated by the bylaws." N.C. Gen. Stat. § 54-109.31(a). The SECU bylaws similarly do not require SECU to offer the opportunity for member-sponsored resolutions to be voted on at the Annual Meeting. See Bylaws, Article VIII, Section 6 (noting that the order of business, format, and conduct of the meeting are subject to such policies and procedures as the Board of Directors adopts).

Allowing member resolutions would be inconsistent with the system of governance established by the SECU bylaws. The bylaws provide that "the board shall have the general direction and control of the affairs of this credit union." See Bylaws, Article X, Section 4; see also N.C. Gen. Stat. § 54-109.41 ("The board of directors shall have the general direction of the business affairs, funds, and records of the credit union."). Allowing member resolutions related to the governance or operations of a credit union would usurp the role of the Board of Directors who have been elected by its members to direct and control the affairs of SECU.

We hope this information is helpful, and we thank you for being a valued member-owner of SECU."

-CP
  
  

 

SECU CEO Leigh Brady Clams Up ...

  ... hard shelled, firmly closed.

Remember those 2025 "no amendment amendments" to the SECU bylaws? As an SECU member; if you don't, you should! 

It all got started at the 2025 SECU Annual Meeting when our CEO Leigh Brady fumbled a poorly worded, misleading response - best described as impenetrable and pretentious - to a pre-submiitted member question [link].

Follow up inquiries went for naught [link]. It was pointed out that the minutes of the Board of Directors provide official proof of the new, Board approved September, 2025 bylaw amendments [link]. Why not just tell SECU member-owners the facts on these proposed bylaws changes [link] - everybody else seems to know? [link]. Finally, an effort for a straight answer from Ms. Brady was sought through the key SECU Advisory Board network, remember them? : 

✔ From the SECU 2025 Annual Report:  "Another key resource for SECU is our 3,000 member volunteers. Each SECU branch has an Advisory Board composed of up to 12 volunteers who serve as an important link to connect our membership with our staff and Board of Directors." 

✅ The following question was submitted directly from the Advisory Board  to Leigh Brady:

 October 28, 2025

"Ms. Brady,

As an active advisory board member, and one who firmly believes in interacting with our membership, I have a question asked by a member who asked me to forward the question to you.

"Did the SECU Bd. of Directors approve new bylaw amendments at the September, 2025 board meeting?"

Please just provide a simple yes or no answer for clarification--not asking for details. "

 

"Look forward to your prompt response.  Thank you." [link]

 

   The official response from Leigh Brady is in: "You know I can't tell you that."

 

 

   Ms. Brady, of course, can "tell you that", but that simple truth would look a bit awkward given her 2025 Annual Meeting performance.  

         

     "I can't believe what you say, because I see what you do." - James Baldwin  

 

Artificial Intelligence Confirms Gross Inaccuracy of Credit Scores...

  

       AI can't be wrong, ... can it?

✅ ZEST:  "The company said its machine learning models deliver significantly greater accuracy than legacy credit scores, enabling lenders to achieve, on average, a 25% increase in approvals with no added risk and reduce defaults by 20%, while holding approvals constant." [link to story] 

✅ Rodney Hood, former Chair of NCUA (and Durham, N.C. native) adds:  "Financial inclusion is the civil rights movement of our time... credit scores determine where you work today, if you get to work! Credit scores determine where you live today, if you get an apartment or get a mortgage. Where you live determines where you get to educate your children. What your credit score is determines the car you may or may not have access to, to go to and from work."  [link to video - see 00:48].

😎 Translation for the "new/new" lending mavens at SECU. According to AI, your RBL model is an ineffective mess, if on average you are denying 25% of SECU member loans which should rightfully be approved, while increasing your defaults by 20%.  Maybe you should call Coastal or Truliant for some guidance and advice about lending and ZEST [link]?

... sure sounds like discrimination to me. 

"I can't believe what you say, because I see what you do." - James Baldwin  

 

 

What Does It Take For You To Stand Up Against Discrimination?

     Well, they can always eat cake...

The evidence has long been clear that risk-based lending (RBL) is discriminatory [link] on the basis of race, gender and age.  The SECU Board leaped off this moral lending cliff in 2023 and has fallen in esteem and performance ever since. 

✔ With the current government shutdown, once again we have positive proof that RBL is a bogus, destructive credit union lending practice. This time RBL practitioners are wrongfully throwing our military, our federal workers, various federal benefit recipients, and their families into a financial catastrophe not of their own making - but for which they will pay the price! 

✅ Here read the letter from the Defense Credit Union Council, a leading national credit union advocacy group representing 40 million credit union members, on the effects on member credit scores of the federal government shutdown  [link- entire letter]  

✅  Or the CUDaily article on the shutdown problem [link] 

😎 "Beyond the immediate strain of unpaid bills, the ripple effects on financial health are severe. Missed mortgage, loan, or credit card payments trigger late fees and "can inflict lasting harm on credit reports and scores". 

 "... In theory, no worker or service member has to suffer a credit score drop because of a shutdown. However, the reality is that not all affected individuals benefit from these voluntary measures. We cannot leave our service members’ financial security to ad-hoc charity or luck; they deserve dependable, systemic protections." 

  The point Mr. Stverak, Chief Advocacy Officer of DCUC, misses is that our service members get thrown under the financial bus by unexpected events everyday.  The current "shutdown" is not the real problem.

For years, highly responsible SECU members - and DCUC service members - have had their financial lives disrupted by unexpected events beyond their control - loss of job, severe illness or death in family [link], disabling car accidents, divorce, alcohol/drug/mental health issues, hurricanes/floods, and the list goes on. 

In western North Carolina, the latest unpredictable, catastrophic event was Hurricane Helene [link], which financially ruined thousands of fine SECU members - an event not of their own making, but for which they will pay the price!   That's real life, which RBL, the SECU Board, and elite management have chosen to callously ignore. 

If credit unions want to fix this problem of obvious unfairness to all members, then a return to responsible, non-discriminatory lending is a must.  Fix the real problem. 

 

  SECU RBL: Leaving western N.C. members financially high and dry?

About Those SECU Board Approved 2025 "No Amendment Amendments"...

  

              Caught?  Blue handed.... 

                         [link] 

  Monstrous or just half-baked?

"I can't believe what you say, because I see what you do." - James Baldwin