✅ The regulator approved purpose: "This notice is to advise you that the purpose of the special meeting of the members scheduled for October 27, 2026 at 4:30 p.m., Pacific Time is to vote on the question of whether SAFE should merge with and into BECU."
While you weren't looking!
✔ From a very astute commenter: "Interesting approach to tack on a vote for donations to community partners. That shouldn't be legal to add this vote. If it is a "clever" little PR move to distract and act like they can't afford to do it themselves. "
The SAFE Perfect Cents Podcast"Tune into the latest episode of the #PerfectCentsPodcast with our link in bio to hear about the launch of our major community donation, the four nonprofit organizations involved, and how every single vote counts toward making a lasting difference in our local community."
#Community #Donation #Giveback #LocalImpact
St. Johns Program https://www.instagram.com/safecu/reel/Dc1653QxUmW/
ReplyDeleteHabitat for Humanity
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Womens Empowerment
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Big Brothers
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If SAFE were as good at running their credit union as they are deceiving members, maybe they wouldn't have concluded that after 80 years they need to merge for long-term sustainability.
ReplyDeleteTotal head fake here with the community vote. They continue to try and deceive members that extra community investment and grants are only possible upon merger if Boeing pays for them. Even if we vote no for the merger, we'll divvy up $250k among four charities... but vote yes, and we'll triple community investment from 500k to 1 million.
but a problem - to invoke 15201 DFPI authority, they required 4 conditions are met including that the "noticed disclosed the purpose of the meeting" well it discloses the merger vote, but the not community vote. it's not a poll or advisory, it's position as a member and specific exactly how the vote outcome impacts the distribution. Ambiguous ground here - there aren't examples where other CU's have tagged on vote like this in attempt to manipulate their members. This is a special meeting called for the merger vote, not the annual meeting. There is a credible argument they violated disclosure requirements about the purpose of the meeting, as shown in DFPI-330. In order for DFPI to use their approval power under 15201(b), they need to satisfy the purpose of the meeting was met. Sure, a vote on charity dollars doesn't require a special meeting, but in their manipulation, they added that vote to the special meeting but didn't disclose it as part of the purpose of the meeting.
At a minimum it's deceiving, and it's surely despicable.