Saturday, August 23, 2025

As SECU Seeks To Be Little More Than "Industry Standard" And Pursues Commercial Lending, Questions Will Arise...

... state of the "movement"?

Current "Industry Standard":

✅ "Credit union acquisitions of banks surged to record levels, with 22 announced acquisitions in 2024, representing more than $11 billion in bank assets potentially lost. Ten of these deals crossed state lines. Credit unions are effectively “weaponizing” their tax subsidy and lax regulatory standards."

✅ "Credit unions used their tax exemption to avoid paying nearly $4 billion in federal income taxes in 2024 while holding $2.2 trillion in tax-free assets. The 450 credit unions with $1 billion or more in assets represent 80 percent of the industry’s assets but comprise only 10 percent of the total number of credit unions."

✅ “The non-profit co-operative spirit and mission of credit unions is being threatened by a handful of . . . vanity projects like stadium naming-rights deals”.  The example is Frontwave Credit Union, a credit union that serves Marine recruits in California, which purchased the naming rights to a soccer sports-and-entertainment complex in 2022."

“Explain to me how a grunt Marine at Fort Pendleton, who is a Frontwave Credit Union member, is benefiting from their multi-million dollar stadium naming-rights deal as opposed to reducing their overdraft fees or lowering their credit card rate.”

😎 Well, at least we can be thankful that the SECU Board hasn't wasted SECU members' money on 1) bank buys, 2) ego-mergers, or a 3) naming rights fiasco...