😎 Please take a moment to read (or re-read!) the exchange with a fierce critic in yesterday's post [link], particularly with the comments starting here [Anonymous August 22, 2026 at 3:55 PM].
✅ It's been a long, long trek to arrive at these facts:
- 1) SAFE CU is a safe, sound, thriving Sacramento institution.
- 2) The SAFE membership did not request this merger.
- 3) The SAFE Board and CEO are selling out the membership and the community for no measurable benefit.
- 4) A majority of all SAFE members will not vote to approve the merger as required by law.
- 5) At which time, the California CU regulator has the legal authority to approve the merger - regardless of the vote.
- 6) Equally, the California CU regulator has the legal authority to deny the merger, regardless of the vote; but has never done so with past merger proposals.
✔ We have arrived at the test question (at last!): Given these facts, what is the duty of the State to all parties involved with the SAFE/Boeing merger proposal? Who's interests should be protected?
If we're counting on the folks of Sacramento to 'Do the Right Thing' we will be sorely disappointed ... JMO
ReplyDeleteWhy?
ReplyDeleteThey have literally run that state into the ground with their policies, don't think they will change their ways ... I'll be shocked if they vote for the members best interest ... again just my opinion.
ReplyDelete4:57pm Would be helpful to know how DFPI has "run that state into the ground"? SAFE has been thriving in California under a state charter.
Delete6 hours ago
ReplyDeleteThe State should protect the statutory/regulatory interests of the credit-union system and its members
What exactly is the "credit union system"? I find absolutely no reference to anything called "the credit union system" in the California CU lawsand regs.
DeleteAnd therefore, no obligation by the state to protect it.
Would add for emphasis that it is also difficult to find any reference in the CU law or regulations indicating any obligation by the State "to protect" an individual credit union. None in fact.
DeleteIf the state administrator is not there "to protect" the "credit union system", nor there to protect any individual credit union....
Who is DPFI there to protect?
From the SAFE Board and CEO:
ReplyDelete"The proposed combination with BECU recently received state and federal regulatory approval."
"SAFE's Board of Directors has now established the Member voting timeline, with voting concluding at the Special Meeting of Members on October 27, 2026. "
"And now, the next step is a vote by our valued SAFE members—that’s you! Your vote matters and as a member-owner, you have a voice in SAFE’s future."
"The voting period will be open from August 31 through October 27, 2026 and we encourage all eligible members to vote."