Following the law?
June 10, 2026: WSJ Opinion: "Is California's Election 'Rigged'?" The Journal had a field day with the recent political back-and-forth on the abrupt fluctuations and snail's pace vote counts in The Golden Bear State. The gubernatorial contest along with the LA mayoral race especially have sparked much controversy about the fairness of California election laws.
✅ Rigging elections in California? Get ready for more controversy. This round will feature SAFE Credit Union!
The proposed merger of SAFE CU with out-of-state Boeing Employees' CU is now "under review" by California's watch-dog credit union regulator, DFPI. A warning to SAFE members: Better watch that "watch-dog"! It may become a "pet poodle"!
SAFE members, by law, will have the right to vote on the proposed merger; but, DFPI may choose to ignore the results of the member vote - and the law. That sounds like a rigged election, doesn't it?
Is "the fix in" at DFPI? Here's what to look for:
✔ First note, that SAFE members did not request this merger! Pulling the plug on SAFE was a surprise attack by an aloof Board, backed by moribund management. The merger proposal will hurt SAFE members. [link]
✔ California law explicitly states that a majority of all SAFE members must vote in favor of the merger proposal for it to be approved. If a majority of all 245,000 SAFE members do not vote in favor of merger, the merger is not approved!
✔ But, DFPI by California law may overrule a vote of disapproval by the majority of SAFE members!
As required by the law, shouldn't a must vote by the majority of all SAFE members be the real "definitive agreement" on this rogue merger issue?
Under what specific rationale and protocols would DFPI choose to override the SAFE members' must vote under California law?
😎 Throwing out a legal, democratic vote by the SAFE membership? Wouldn't that be rigging an election in California?
The issue here is how well informed the members will be about the vote and merger details - including how it really impacts them and what gets taken away. They already the heard the fluff of Boeing throwing a little money around.
ReplyDeleteCEO Faye and the board have gone into the witness protection program.
ReplyDeleteThere hasn’t been a merger in CA where this defined legal authority for DFPI hasn’t been used. If only 40% of the members vote, but 90% vote yes, pretty clear indication of member support. So clever post, but no election rigging here. You should make this about SAFE members voting. They control the outcome of this 100%.
ReplyDelete😎 DFPI... " are not only regulators ensuring financial institutions under our supervision operate in a safe and sound manner; we support the dual banking system and encourage the formation and prosperity of all financial institutions under our supervision. The Department tries to create a positive environment and operate in a manner that encourages the formation of new financial institutions, the conversion of existing financial institutions into state-chartered financial institutions, and state financial institutions to remain state-chartered. "
ReplyDelete