SECU is none of your business!
In case you are just joining us, we have gotten down to "brass tacks" [link] on the blog; focusing on the true, critical issues at SECU - North Carolina state law, the SECU bylaws, and the dismantlement of SECU cooperative principles and ownership.
✅ As a member-owner of SECU, you have already lost your democratic rights to speak and actively participate in the Annual Meeting [link], with the N.C. Administrator of Credit Unions apparently being duped in the process [link].
😎 But there's more!
The "Chief Legal Officer" of SECU, in her May 19, 2025 letter [link] to a member's lawyer, offered up the following:
"You have inquired about any existing policies to allow for submission of member resolutions in advance of the Annual Meeting. The purpose of the Annual Meeting is for members to elect directors. " "... there was no process to allow members to introduce resolutions for consideration at the Annual Meeting."
First, note in the last phrase that the "legal" officer forthrightly confirms that you as a member-owner were prohibited from expressing any opinion, suggestion, or resolution about SECU at the last Annual Meeting.
✅ Of greater concern, the "legal" officer has unilaterally decided evidently that: "The purpose of the Annual Meeting is to elect directors." It would appear that the "legal" officer has decided that the election of directors is the only democratic right that members may exercise at an SECU Annual Meeting.
This contradicts North Carolina state law, the Federal Credit Union Act, and the core legal principle that the annual meeting is the required yearly business meeting for the credit union and its members - true for all cooperatives.
No true legal authority disputes that principle and that fact of law - except evidently the SECU Board and its "legal" counsel.
✅ "Why does the SECU Board fear the members?"
... hold tight, even more to come!
