SECU What's Next? The Nation's Financial Community Notes The Loss Of SECU Member Rights...

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".

He takes credit unions seriously: "Cooperative design is unique. It provides singular focus on the member value. It’s that member relationship that is the foundation of credit union sustainability. And enhancing member participation in credit unions is vital to maintaining a distinct cooperative choice for consumers."

The "Just A Member" blog is currently featuring a series of financial shenanigans by credit unions, including less than transparent purchases of banks, dubious mergers among credit unions with multi-million dollar payouts to CEOs, rubber-stamping boards, suppression of governance rights, predatory member services and fees, while regulators are asleep at the wheel.

   Not a pretty picture! 

SECU is once again nationally featured, take a look...

Posted on June 23, 2025

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?