Awaiting A Regulatory Blessing?
According to the SAFE Board: "The combination process includes regulatory approvals, detailed integration planning, and ultimately, a SAFE member vote."
As easy as 1-2-3! 1) Regulatory approvals, 2) a detailed integration plan, and ultimately 3) a SAFE member vote. And BINGO!, the 85-year SAFE Credit Union charter is no more!
😎 Does this official outline of the merger process from the SAFE leadership make sense?
Of course it doesn't! Shouldn't the 11-member SAFE Board - with a legal, fiduciary duty to 245,000 members in California - feel some obligation to first discuss the reasons for leaving home, and eloping to Washington, for a marriage of convenience with this hussie Huskie? Say perhaps, with "the family" in Sacramento?
✔ Have the 245,000 SAFE member-owners requested this merger? No!
✔ Have the 245,000 SAFE members seen the "definitive merger agreement"? No!
✔ Have the 245,000 SAFE members been asked for input? No!
✔ Are the 245,000 SAFE members aware of the financial disadvantages of this merger [link]? No.
✔ Will the majority of all 245,000 SAFE members vote for this merger? No!
😎 Will 
The DFPI is not a consumer protection agency, they are a safety and soundness regulator. There is a big difference. CFPB is about consumer protection. And, in the context of consumer protection, there is no consumer harm or violation of consumer regs with this merger.
ReplyDelete6:21pm Our commenter is just "fake newsing" it!
ReplyDeleteHere's what the Cal. DFPI has to say:
"CCFPL Turns Five: A Look at Its Impact"
"2026 marks the fifth anniversary of the California Consumer Financial Protection Law (CCFPL). This legislation allows DFPI to provide stronger consumer protections in California. Explore the five core areas where DFPI champions consumer rights for us all."
Here's the link for those who prefer to be correctly informed:
https://dfpi.ca.gov/
All states started going our in consumer protection. They are a safety and soundness regulator. You are missing the point anyway. The DFPI has no grounds, under either safety our soundness concerns or consumer protection, not to approve this merger, provided there is a yes majority of voters.
DeleteBut would add in defense of our commenter, that the unjustified and financially negligent "give-away" of a $400+ million business by an in-astute Board is more a criminal violation than a consumer violation
ReplyDeletethey make Jesse James and gang proud ...
ReplyDeleteForbes ranks SECU #5 among credit unions in NC. Way to go first woman! Look for press release
ReplyDeletemaybe SECU didn't pay Forbes enough money to rank them higher ...
Deletewhat if they did.
Delete8:58 am Never given much credence to "The Best", "Top 10" lists. Selection criteria are usually a bit suspect. But, If you do, you probably also have a strong belief in Santa and the T-fairy ... but everybody to their own.
ReplyDeleteBecame skeptical decades ago, when I received an "invitation" to be honored with a listing in "Who's Who In America" ! .... for $199.95! For an extra $59.95, could have announcements of this remarkable achievement and recognition mailed to 100 close friends, colleagues and news outlets.
Who's Foolin' Who in America?