Our Mission: "Serving Californians by effectively overseeing financial service providers; enforcing laws and regulations; promoting innovation and fair and honest business practices; enhancing consumer awareness; and protecting consumers by preventing potential marketplace risks, fraud, and abuse. "
✔ If the SAFE merger proposal comes to a member vote, it will not be approved by a majority of the 250,000 California SAFE member-owners.
✔ When the merger proposal is not approved by SAFE member-owners, the California regulator - without published guidelines nor public hearing - may unilaterally choose to over-rule the legitimate member vote.
✔ If DFPI disregards the SAFE member vote, SAFE's California charter will be terminated, regulatory authority, and control of member assets will be transferred to Washington.
Lopping off yet another charter by DFPI is to say the least ... Innovative!
✔ Lets take a look at how that "innovative strategy" is working out for California's state regulator, DFPI:
https://www.youtube.com/watch?v=yuYZIcYB8IA
ReplyDeleteHere is the communication from SAFE you're looking for! SAFE CEO offers scattered and nervous explanation of the "why" on the Boeing merger. Says specifically it offers SAFE members value in better rates than they can't do on their own.
Meanwhile.. today's rates from their web sites:
Boeing new car; 5.74%; SAFE 5.19%
Boeing used car; 6.04%; SAFE 5.29%.
Boeing 6 mo CD, 2.96%; SAFE 3.45%
Boeing 12 mo CD; 2.23%; SAFE 3.04%.
Just a snapshot.. pick other products.. same story.
But we need Boeing in order to provide more value to our members... What???? She goes on to explain that they looked at other partners and picked Boeing precisely because of the value they return to members.
There is a reason boeing has 12% capital - they're not giving it back to their members. There is a reason SAFE has 9% capital - they are giving it back to their members.
How does she say this stuff with a straight face?
https://www.becu.org/-/media/Files/PDF/2025-Annual-Report.pdf?rev=de85f74650ab4536b2f0415dbc9a647d&sc_lang=en&hash=AA44F10E73C2E1F6B8BC9D9F85094C2
ReplyDeleteThen look at Boeing's own annual report... This value to members she brags about was down 16%. Giving was down over a million (so less investment in Boeing's community to pay for the 1 million headline in community giving at SAFE. Surely Boeing members love that), new loans are down a bunch, no growth in assets... but great, added 400 million in equity and pushed the ratio way up... member sat scores down, too. All of this the best option for SAFE members. SMH!
keep all this information for down the road ... print everything ...
ReplyDelete