An Unhealthy Situation?
✋ SAFE Credit Union is a California community asset, hand-built over 85 years by its 245,000 member-owners in Sacramento. Twelve SAFE Board members have voted to give that asset away - without any dialogue with the other 244,988 shareholders.
The California Department of Financial Protection and Innovation (DFPI) has full authority to require the SAFE Board to make that dialogue happen, prior to any approvals. ✔ "It’s time to hit pause, pull back the curtain, and explain exactly what is being voted on. "
😎 Why does California DFPI continue to sit on its' hands? Other watchdogs and regulators actually do step up on behalf of consumers when CEOs and boards overreach. Case in point:
✅ Raleigh, N.C. 5/1/26: North Carolina State Auditor Dave Boliek on Sunday publicly called for a delay of the vote on the merger of WakeMed, the local, community-owned non-profit health system, with the larger for-profit Atrium Health. [link] His statement read in part:
✔ "WakeMed is the largest health system in North Carolina’s largest county. This merger will significantly impact the cost and quality of care across Wake County".
"The rollout of the proposed hospital takeover raises questions. The lack of transparency does not instill confidence; in fact, it calls for greater scrutiny and explanation."
"Wake County taxpayers built the hospital’s original physical plant and retained through the Board ultimate say over any change in organizational structure. At this point in time, it’s highly doubtful that the average Wake County citizen is even aware of the pending takeover. The stated benefits published by way of a Friday afternoon press release should be subject to stakeholder input."
"Whether you support this transaction or not, taxpayers deserve full transparency from their government. It’s time to hit pause, pull back the curtain, and explain exactly what is being voted on. It merits a transparent, deliberative process. "
😎 Hope this object lesson rings some very loud bells in Sacramento, because "it’s highly doubtful that the average SAFE member is even aware of the pending takeover."
Did we run out of SECU content?
ReplyDelete4:51pm You don't think this SECU content?
DeleteSorry if you can't see the distinct similarity to credit union giveaway mergers.
DeleteSame low rent, non-transparent, screw the members/public leadership.
Want to see how you "sleaze" a merger:
ReplyDeletehttps://www.wral.com/news/local/wakemed-atrium-health-planned-deal-state-auditor-calls-for-delay-may-2026/
Sound familiar...
ReplyDeleteFrom Bradford B. Briner, Treasurer, State of North Carolina:
"3. The effective sales price of WakeMed is ZERO. A promise of new capital investments and jobs that will most-certainly be created anyway means that authorizing this consolidation is selling WakeMed for no real upside - and a lot of downside for Wake County residents already feeling the pain of skyrocketing cost-of-living increases. My background is in finance, but it does not take my expertise to know this is a raw deal."