"Holy Catfish, Batman!!!"
"Do you think anyone is going to ask us how much this is going to cost??!!"
"Relax Robin!"
"Just pretend like you're listening! "
[😎 How much will it cost?]
Tuesday, March 31, 2026
The SAFE/BECU Merger - The Dynamic Duo? Or An Expensive Misteak...
Sunday, March 29, 2026
Credit Unions In The Palm Of Whose Hands?
🌴 🌴🌴 Sunday: An alternative procession, an alternative journey, an alternative vision...
... which welcomes the poor and outcast, practices grace and forgiveness, and believes that mercy transforms, that justice restores, and that love endures.
A mission statement which no longer can succeed in Sacramento?
Saturday, March 28, 2026
The Credit Union Mega-Me Merger: What Happened?
Some sort of "imminent threat"?
"On April 16, 2025, I attended the SAFE Credit Union Annual General
Membership meeting. There was no mention on the agenda of any ongoing
merger discussions."
"On November 18, 2025, SAFE Credit Union announced a “merger” with Boeing Employees Credit Union (BECU). BECU has no ties to Sacramento and no business relationships with the Sacramento community."
"I was stunned to hear of this agreement, which was described by SAFE CEO Faye Nabhani as “definitive”."
✅ Scott Rose, a member of SAFE Credit Union since 2002.
Friday, March 27, 2026
Has Democracy Become Irrelevant In America?
"Give me your tired, your poor, ..."
America's Credit Unions leading the way with mega-me mergers, flaunting the suppression of member rights? Our "new/new" American credit union movement - now fit for a King?
Featuring today's special: The SAFE/BECU mega-me-me...
"This "burger" is a powerful alignment of purpose and potential that leverages our strengths and recognizes our shared values," said Faye Nabhani, President and Chief Executive Officer of SAFE Credit Union.
"Where's the beef?" asked 245,000 SAFE members in California, who were being forced to pay $400 million in royalties.
😎 Would you like that "Merger Whopper" with cheese sucker, sir?
Betraying both our legacy of fairness and our reputation for integrity.Monday, March 23, 2026
In Finance, So Once Were Credit Unions..
“Music is a higher revelation..." Ludwig van Beethoven
✔ Here's a revelation you should not miss! [link]
Sunday, March 22, 2026
Looking To The Future...
 |
| Relatively speaking... |
It doesn't take a genius to recognize that we are at a critical, decision juncture on many crucial issues in this Country - including the future of credit unions!
While we may not yet agree on what is needed for the future, hope we can all agree on two things we can no longer afford from the past:
... and merging the twodoesn't fix the problem!
Saturday, March 21, 2026
Friday, March 20, 2026
And The Final Jeopardy Category Is...
"The SAFE/BECU Mega-Me Merger!"
🔆 Alex Trebek: "Welcome Back! Now let's take a look at the Final Jeopardy wagers of our three contestants!"
✔ Contestant #1: 
"Alex, we're All In for: $ + 400 million!"
✔ Contestant #2: 
"Alex, we're All Aboard for: $ 0 million!"
✔ Contestant #3: 
"Alex, we're All Out for: $ - 400 million!
🔆 And our Final Jeopardy answer is:
"Crazy Train!" [link]
Wednesday, March 18, 2026
The SAFE/BECU Mega-Me Merger: Fees - Fi - Fo - Fumble?
"SAFE members will gain:"
- Access to broader branch network (80+ locations). [available free now to all SAFE members!]
- Innovative programs like first-time homebuyer grants and automatic loan repricing.
- Measurable value through reduced fees.
- Increased investment in our community through partnerships and philanthropy.
😎 Let's take a quick look at SAFE fees and see if "Measurable value through reduced fees" holds up to scrutiny. Here's the fee schedule from SAFE's audited financials:
2024 (000) 2023 (000)
✔ Overdraft protection fees $ 12,374 $ 12,089
✔ Checking account fees 3,221 3,778
✔Money Market and Savings account fees 340 348
✔Commercial account fees 355 336
Member and consumer fees 919 946
✔ ATM fees 2,214 2,133
✔ Shared branching fees 1,007 917
Other fee income 53 56
✔ Debit card fees 22,202 23,087 ✔ Credit Card Interchange fees 5,005 5,124
✔ Investment fees 5,477 4,769
Gain on sale/other 18 -
Total $ 53,185 $ 53,583
✅ As you see, SAFE collects @ $53 million in fees annually. But not all fees are created equally! For example:
1) Debit/credit card fees are not charged directly to SAFE members by the credit union. These fees are charged by folks like MC/Visa on your purchases and then shared back with the CU - these fees represent over one-half ($27+million) of the total $53 million. These fees will not change.
2) Investment and commercial account fees are fees which specific members negotiate based on their specific business or wealth management needs. These are generally subject to renegotiation by members annually, without any need for merger!
3) ATM/shared branching fees are charged only to SAFE members/non-members who choose to occasionally use these services and are shared back among participating credit unions. These fees are generally set cooperatively by multiple credit unions. These fees will not change.
4) Checking/MMSA account fees - Hard to say exactly what these are, but with total fees @ $3.6 million and over 200,000 total accounts, that works out to about a buck-fifty fee per account per month! Even a full $1.50 per month reduction won't buy you a cup of coffee at Starbucks - in Seattle!
5) Overdraft/NSF fees is the elephant in the room! An issue of increasing embarrassment to all credit unions. Many banks have dropped this often corrosive, punitive fee practice altogether. SAFE charges $14 and BECU charges $10. If SAFE lowered its fee to match the $10 BECU rate, the worst case scenario in lowered income would be $3,534,000, much cheaper than paying $400+ million to mega-me merge!
😎 "Measurable value through reduced fees"... doesn't seem feasible?!
Tuesday, March 17, 2026
SAFE Board And CEO "Eating California's Seed Corn" With Merger?
English idiom meaning:
"To use up or consume resources that are essential for future growth or success."
Article: "The planned merger between SAFE Credit Union and BECU will lead to the removal of SAFE’s headquarters from the Sacramento region, as the combined entity will be led from BECU’s existing headquarters in Washington state. SAFE Credit Union is currently based in Folsom, California and has played a significant role in the local financial sector, but the merged organization will shift its central operations out of the area." [link]
Impact on Sacramento Region
-
SAFE Credit Union’s headquarters relocation means the Sacramento area will lose a major locally based financial headquarters.
-
This continues a trend of regional consolidations and relocations as credit unions nationwide merge to scale operations and broaden service offerings.
SAFE Credit Union’s Role and Presence
-
SAFE currently serves about 245,000 members in Northern California and has 17 regional branches.
-
The merger will allow the combined organization to bring expanded products and resources to SAFE’s existing member base, but operational decisions and strategic direction will primarily come from Washington.
'Overall, this merger reflects an ongoing consolidation in the credit union industry and is expected to have a notable effect on Sacramento’s profile as a regional banking center."
Monday, March 16, 2026
The Credit Union Merger Racket...
SAFE/BECU A Merger Of Equals?
Really? [link]
Nah,...bah... 🍌🍌🍌 Bananae!!!
✔ Commenter: Anonymous March 11, 2026 at 12:12 PM 11:39 am
"This deal is not good for SAFE members."
"1) Loss of total control and autonomy of their capital, pricing, where they invest, etc.
2) BECU has inferior rates, and a huge expense problem.
3)
Little future investment for SAFE.
4) SAFE's legacy culture will not be
acquired and assimilated.
5) SAFE members absolutely will lose what they are used to.
6)
BECU and others avoid hiring in CA because of messy labor laws. 7) No local authority or autonomy. "
Sunday, March 15, 2026
SAFE/BECU Merger: Culture Clash?
Somethings just don't mix!
✅ Oil and water, a cat in a dog park, fire and ice, chewing gum and potato chips, you and your ex!
✔ The SAFE and BECU merger .... a fish on a bicycle?
State Animal: Grizzly Bear Marmot Squirrel
State Insect: Butterfly Dragonfly
State Sport: Surfing Pickle Ball
State Dance: West Coast Swing Square Dance
State Weather: Sunshine Rain
... some might say the forecast for this dance looks a little squirrelly! [link]
Friday, March 13, 2026
SAFE Credit Union Still On Board With BECU: Merger Or Rearrangement?
SAFE members to receive "vested" rights in BECU!
Wednesday, March 11, 2026
Credit Union Mergers: Mismanaging A Fiduciary Trust
The chosen example has been the proposed SAFE/BECU merger in California to illustrate potential problems; but fiduciary malpractice in credit union mergers appears to be reaching pandemic proportions.
Let's look at yet another example of how financially unsound the credit union giveaway by the SAFE Board and CEO really is. No one disputes that the SAFE Board and CEO are in effect "paying" somewhere between $400 to $800 million in member equity [see link above] for the "privilege" of merging with BECU. A "privilege" that every SAFE member can obtain for free by simply joining BECU directly. In effect, the SAFE Board and CEO are forcing every SAFE member to pay @ $1,600 in cash/equity for the privilege of exporting their credit union service and control to Washington State.
Another damning analysis of what the SAFE Board and CEO are giving away is the value of the member relationships which SAFE as worked hard to build up over the years. In "marketing" terms these relationships are called "customer acquisition costs" (CAC). Companies literally spend millions on marketing to attract - and keep - customers, i.e. credit union members!
As you can see from the chart below, it costs @ $175 to attract a new member account. In the case of SAFE with 244,000 members, this means BECU is getting 244,000 new members for free! That's worth $175 x 244,000 = $42.7 million! "Privilege" has it's price, in this case "free"!!!
😎 But it's worse than you think! The giveaway by the SAFE Board and CEO is much, much larger! While SAFE does have 244,000 members, it manages over 550.000 accounts of all types according to the NCUA.
✔ Let's compute the real, total value of "CAC" giveaway by SAFE: $175 x 550,000 accounts = $96.25 million!
Tuesday, March 10, 2026
"NewNew" At SECU: The Second Coming.... Half-Ba(n)ked!!!
The Promises, Promises New/New Elixer
✅ Comment: Anonymous March 9, 2026 at 4:14 PM
"A
very major flaw in this thinking is the notion that you get to choose
who you are competing against, when Fintechs, banks, and credit unions
market to and come after our members to serve their financial needs on
the very same products we offer. We lost 5 billion in deposits a few
years back. Where do you suppose that went? If banks got their
pro-rata market share they got a lot 3 billion of it. If we had said
“hey members. FYI, we don’t compete with banks”. I guess we coulda kept
the 3 billion. Is that how that works?
Otherwise just an
intellectually lazy comment to say all bankers are poor communicators,
or can’t understand a credit union model and mission"
or later, or whenever! "We'll let you know what you need to know when you need to know. [..'cause we really have no clue!]
😎 4:14pm The problem with your analysis is you rarely get your facts right. SECU dropped the $5 billion because we were underpaying the members... SECU looked inept and cheap. Poor management, not a question of competitiveness.
Also seem to overlook that when SECU woke up and returned to paying fair rates, that $5 billion immediately came back. Or hadn't you noticed. If you hadn't noticed, see ""Poor management" above!
The $5 billion didn't come back due to any noticeable new tech or new services recently offered at SECU - nothing much new of note has happened in last 5 years. You're living off the "dinosaur" of which you complain; which is kinda like still living at home in the basement while criticizing your parents!
Might be time to demonstrate to members there really is some substance to the "new/new"... talk is cheap. (see "Cheap" above as reference). What exactly is the"new/new" going to be whenever you get around to introducing it?
A bit faster, a little more convenient... or something more substantive like better savings rates, lower loan rates? What can we expect in the "new/new" afterlife? (that you've been working on for 5 years?)
Hey, give us a hint... if you can!
Two other points: 1) It's not the bankers who are failing to understand the credit union model and mission, and 2) there is a tremendous difference between "being competitive" and "competing with".
😎 Not convinced that you know "There is a difference" (see #1 &2)... actually pretty sure you don't... and no fintech or "half-ba(n)ked" vision is going to bail you out.
Sunday, March 8, 2026
A "New/New" CU Leadership Anthem...
... and attitude?
😎 Q: In credit unions, name three important ideas which start with the letters "me-"?
A: 1) Me-me, 2) mega-merger, and 3) h-m-m-m...
Sorry, nothing else really comes to my mind!
Friday, March 6, 2026
Tom Petty And The Heartbreakers On The SAFE/BECU Mis-Merger...
[Hit play, this is a sing-a-long!]
I was talking with a member-friend of mine, said Nabahni had hurt his pride
Told him SAFE was just so-so, past time to let her go.
Told him SAFE was just so-so, past time to let her go.
But Rose said, Whoa! "You better watch your step,
You're gonna get hurt yourself.
Someone's gonna tell you lies, cut you down to size."
But don't do us like that!
Don't do us like that!
Someone's gonna tell you lies, cut you down to size."
But don't do us like that!
Don't do us like that!
Don't give SAFE away, don't give us away!
Don't do us like that!
Don't do us like that!
Don't do us like that!
Listen Faye, can't you see? It would bury S-A-C!
If you no longer know why? How 'bout givin' someone else a try?
"You better watch your step, so you won't get hurt yourself.
You're in the public eye. Someone's gonna tell you lies,
... try to cut you down to size."
But don't do us like that!
Don't do us like that!
Don't do us like that!
We need SAFE in S-A-C, we need SAFE in S-A-C!
So, don't do us like that!
Don't do us like that!
Oh no! Oh, oh, oh wait, Ms. Nahbahni can't you see...
Don't do the SAFE members like that!
SAFE seems to be getting... SAC-KED! Wednesday, March 4, 2026
When The Bullet Hits The Bone...
 |
| "Twilight Zone" |
Nobody said it better than the Golden Earring. No, this is not the golden earring you fearfully imagine sprouting some day from your teenager’s nose or navel. It’s the late ‘70s rock group and the song is “Twilight Zone”. The question: “Steppin’ out into the twilight zone. Entering the Madhouse, fears that have grown...
"What will become of the moon, and stars? Where am I to go, now that I’ve gone too far? You will come to know, when the bullet hits the bone!"
The Amanas Colonies, 26,000 acres of picturesque Iowa farmland, sheltering seven immaculate villages, are up Highway 151 about 100 miles east of Des Moines. This is the Midwest, the Heartland. The place where the Deere and the antelope play. A warp in time through which, you may - perhaps - be able to catch a glimpse of the future – the future of the credit union movement?
The Amanas were settled in 1855 by the Society of True Inspirationists. The sect was formed in Germany; adopted a communal structure; and had unique, idealistic, and firmly held beliefs – sound vaguely familiar? The communities were self-sufficient and prospered richly. All things were shared. Products, such as woolens, handmade furniture, meats and wines, were sold to the outside world. A sterling reputation was built upon high standards of craftsmanship and a close attention to detail. The “Amana” name – remember that refrigerator? – became synonymous with quality and value – sound vaguely familiar?
 |
| "Why don't you download this app..." |
Their world, however, did not come to an end in 1932. The Amana Colonies continued on. The shared structure was abandoned; the religious and the secular were separated. Homes and personal property were divided; stock was issued in the businesses and agricultural interests. Today, the Amanas are on the National Registry of Historic Places and the Amana Heritage Society strives diligently to preserve the cultural heritage of the community and its descendants. Today, the Amanas are still many things, but mostly the Amanas are a novelty, an oddity, a quaint museum of past hopes and ideas - sound vaguely familiar?
Why did this happen? The guidebook says: The Amanas were “…a goal visioned through faith, created and established by faith, named for a faith, and dedicated to a faith”. And, “the first generation had an idea and lived for the idea. The second generation perpetuated the idea for the sake of their fathers, but their hearts were not in it. The third generation openly rebelled against the task of mere perpetuation of institutions founded by their grandfathers. It is always the same with people.” – sound vaguely familiar?
😎 Which credit union generation is this? Are you still living for “the idea”, is your heart still in it?
"You will come to know, when the bullet hits the bone. Yes, we will come to know when the bullet hits the bone.”
Tuesday, March 3, 2026
Sacramento Bee Creates A Buzz Over California Mis-Mergers
"To Bee or not to..." [link]
Think that's more than a "Bee'-hive being stirred, folks!
✅ February 28, 2026: by Scott J. Rose - a member of SAFE Credit Union since 2002. He is a retired local physician. [link]
"A credit union is a not-for-profit financial cooperative owned by its members. But who actually benefits when a financially sound credit union is handed over to another credit union? This is what the SAFE Credit Union Board of Directors voted in secret to do.
On Nov. 18, 2025, SAFE leadership announced that SAFE Credit Union had signed a “definitive” agreement to “combine” with the Boeing Employees’ Credit Union (BECU), a Washington-based credit union with no previous ties to Sacramento.
SAFE Credit Union is a treasured local institution, a member-owned, not-for-profit financial cooperative founded in 1940 as the Sacramento Air Force Employees Credit Union. SAFE was built by successive generations of Sacramento families, workers and small businesses, deposit by deposit and car loan by car loan. SAFE’s growth was not an accident: It was a product of loyalty and shared purpose. But that social compact is about to be violated. If this transaction is allowed to occur, SAFE Credit Union as we know it will simply disappear.
The public interest group Propublica reported that in 2024, SAFE had total assets of $4.31 billion and total liabilities of $3.96 billion, nearly all from member deposits. The difference — nearly $350 million — is the owner equity, and it belongs to the members, who are the owners. But member-owners will receive nothing from this transaction. Deals like this merger into BECU are often shrouded in secrecy and sprung upon members with no advance notice and no transparency.
BECU is headquartered near Seattle. This merger serves no apparent logical business or economic purpose. At the Annual Meeting of Members on April 16, 2025, there was nothing on the agenda to suggest that a merger was in the works. In a letter I received, Board Chair Rick Blumenfeld acknowledged that the Board of Directors had established a merger committee and had “engaged outside merger advisors” prior to April 16, 2025. This confirms to me that the merger negotiations were conducted in secrecy and deliberately concealed from the members — a clear violation of the board’s fiduciary responsibility to act in the best interests of its members.
Since 1940, successive generations of SAFE leadership have expanded engagement with the Sacramento region. SAFE’s ties to the community ensure that the interests of our region always come first. SAFE has competitive advantages, including decades of member loyalty, local knowledge, organizational relationships and unfolding opportunities to meet members’ needs, such as housing, business loans and support for local institutions. In 2025, SAFE reported total local philanthropy of $437,000 — not including $23 million for the naming rights to the Sacramento Performing Arts Center in 2019, paid over the next 25 years. These commitments are in jeopardy if SAFE becomes a BECU branch operation. Philanthropy follows corporate headquarters.
SAFE’s assets belong to its members. All member equity — $350 million — should belong to its members and not BECU. At the very least, all 245,000 SAFE members must be paid a minimum of $1,400 each for their ownership equity if this deal actually happens. Member-owners, local leaders and potentially impacted community organizations must speak out. What will be lost is not simply an accounting abstraction — it is real community wealth. California regulators are being asked to approve this deal. But once approved, it cannot be undone."
Monday, March 2, 2026
Credit Unions: Hiking The Hill - D.C. 2026
Q: "What's this stuff we keep hearing about these credit union "mega-me mergers" ? "
A: "Well, Senator, credit unions are a lot different now, than when you and I were growing up and still trying to do right."
Q: "It's those bankers after you again, isn't it!"
A: "Not really Senator. Here's the problem... "
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