With The SAFE/Boeing Mammoth Merger Vote: SAFE Members Recognized The Woolly Logic!

How the SAFE Board & CEO tried to pitch the promise of a mammoth merger with Boeing...

   Apparently, SAFE members had an extinctly different perspective on how a merger would affect their hometown and credit union... 

California law requires a majority vote of all credit union members to approve any proposed merger. 

Looks like the SAFE membership refused to let the SAFE Board pull the wool over their eyes and the majority of SAFE member said "tsk, tsk", "tusk, tusk" to the proposal:

 

  Is the SAFE Board's credibility moving from distinguished... to extinctguished? 

The SAFE/Boeing Mega-Me-Merger: At Halloween, SAFE Members' Scary Choice...

   Trick Or... Trick?

Over the last year, the SAFE Board of Directors and CEO have encouraged SAFE members to bury their CU alive.  And hauntingly, to vote to make it disappear! Pretty spooky stuff! 

Chip Filson pointed out in a recent blog [link], the horrifying voting choice that SAFE members confronted [A real " BOO, BOO"?]:  

🔲 Voting Yes - Spine chilling!

"If members vote yes, their 85-year-old, $4.5 billion independent, high performing credit union is turned over lock, stock, and barrel to the leadership of another organization. A credit union for which they had no role in selecting,  and received no information about the new leadership, its business plans or what they will do with SAFE’s assets." Buried alive!

🔲  Voting No - Hair raising!

"If members vote no, they are stuck with leaders who gave up on their credit union’s future. SAFE’s leaders spent over a year in secret negotiations to hand over  245,000 member-owners to another credit union in return for the right payoff [$15+ million in treats!] for themselves." Macabre!

🎃 Witch would you choose? 

  A decision most grave... either way!

The SAFE/Boeing Merger Mugging In Sacramento

   Looting Sack-ramento! 

On October 27, 2026 the majority of SAFE Credit Union members chose not to approve the merger of their credit union with Boeing Employees' CU.

But wait, the SAFE Board of Directors has now appealed to the California state regulator asking DFPI to arbitrarily overturn that vote by the SAFE membership!

✅  Here's what  Dr. Scott Rose a long-time SAFE member advocate has to say about the latest effort by the SAFE Board and CEO to dismantle the credit union: 

The following is a copy of my direct communication to the Business and Consumer Services Agency (BCSA), which is the control agency for the Department of Financial Protection and Innovation (DFPI).

"This outcome is not unexpected. SAFE Credit Union leadership has controlled the narrative from the start. They refused to allow an opposing ballot statement that would have allowed members to make an informed choice. 

In statewide elections, the California Secretary of State allows every ballot initiative to have a statement of support and a statement of opposition. Informed consent is the legal standard in California. 

Because SAFE refused to allow a statement of opposition on the ballot, members were not made aware that a “yes “ vote would terminate the SAFE charter.

As a physician, I am required to obtain a signed informed healthcare consent for every treatment I provide, every procedure I perform, and every medication I prescribe, to every patient. 

Legal jurisprudence requires every binding legal action to meet the mandatory legal informed consent standard. The SAFE ballot failed the legal informed consent standard because SAFE leadership refused to allow a statement of opposition to appear on the ballot. Members were denied the opportunity to hear an opposing viewpoint that may have persuaded them to cast a "no" vote.

SAFE Credit Union has an NCUA low-income designation, meaning that greater than 50% of members have annual incomes that are less than 80% of the regional median. Because legal representation is unaffordable for the average SAFE member, the majority of whom are economically disadvantaged, a legal challenge to the wording of the ballot has been impossible. As a result, the rights of all members to be fully informed of the consequences of their voting choices have been disregarded. 

The primary mission of the California Department of Financial Protection and Innovation (DFPI) is to protect consumers from predatory financial practices. Yet DFPI routinely rubber stamps credit union proposals with little regard for the interests of the members or their communities. 

In May 2026, I submitted a comprehensive twelve page letter of opposition to DFPI identifying the multitude of adverse consequences should this “merger” be allowed. I received no response to this letter.

The blatant giveaway of SAFE member-owned resources demands DFPI and BCSA intervention.  The obvious self-dealing by SAFE leadership represents corruption at its worst. A payout of over $14.5 million to the top five SAFE executives is nothing less than a legally sanctioned bribe to reward these executives for their complicity in this transaction. And the two SAFE directors who have been designated to serve on the board of Boeing Employees Credit Union will each be paid a minimum of $125,000 annually. By comparison, California law mandates that credit union directors perform their duties on a voluntary basis. 

The ultimate losers from this financial scheming will be the economically disadvantaged SAFE members who represent more than 50% of the membership. The NCUA low income designation will be lost and all associated low income member benefits will be terminated. 

This ill-conceived deal is a direct attack on the Sacramento working class community. Low income SAFE members will be the victims of this betrayal by SAFE leadership. Well-off members will simply move their assets elsewhere. With diminished deposits, employee layoffs and branch closures are inevitable.

Worst of all, other financial cooperatives will see that there are no adverse consequences for self-serving actions, and the frequency of these deals will escalate.

I have no doubt that a reputable legal team could stop this transaction in its tracks, but unlike private shareholder mergers, there are no deep pocketed investors who can fund a costly legal challenge to this travesty."

 

Stay Tuned... this is the "national test case"! 

 

  The potential massive financial gains available to CU insiders through mergers will soon reach North Carolina and SECU... you can take that to the bank! 

 

 

The SAFE/Boeing Employees' CU Merger: A Canary In The Coal Mine?

 Crunch Time!

The SAFE member vote on this proposed merger concluded last night at 6:30pm (PT). Approval requires a majority of all 250,000 SAFE Members to vote in favor.

The SAFE CU merger has raised numerous concerns nationwide. The merger appears to fail every test of financial prudence, member-owner equity, and positive community impact. [link] California is widely known for its activism in the arena of consumer protection. If California state regulatory authorities approve the SAFE/BECU merger, that approval will be used as an endorsement for a wide open, "anything goes, everything is okay" national merger assault.

✓ Much is at stake nationwide pending the SAFE/BECU decision;  

1. Mergers and consolidation are prevalent among most American industry segments and institutions. Credit unions have enthusiastically joined that stampede . Much evidence shows that this trend leads to less competition and higher prices for consumers. SAFE CU has a lower cost of operation and better loan/deposit pricing than BECU. 
2. Any benefits to SAFE members which might occur through a merger with BECU can be obtained  without forfeiting their locally-owned credit union. Every SAFE member can join BECU right now, today, for free - no merger required.  
3. There is no opposition to responsible, financially prudent mergers. But the nature of mergers has changed nationwide with noticeably adverse impacts on local communities, the cost of service to small business, and the quality of service to consumers. [link] Post merger, there will be no assurance that local funds will be reinvested in local communities.
4. If the SAFE merger occurs, California will lose regulatory authority over an institution currently serving 250,000 members, with future growth potential affecting 7+ million California consumers. Would outside supervision be superior?
5. The commercialization of California credit unions through "growth for growth's sake only" mergers will heighten the competitive tensions with for-profit banks. These type mergers may endanger and cause the loss of the tax-exempt status of all California credit unions.  “Credit unions have a mandate from Congress to serve people of modest means, though we repeatedly see growth-obsessed credit unions exploit their federal tax exemption...[Independent Community Bankers Association]" 
6. SAFE CU, as a $4.4+ billion asset institution, has a market, enterprise value of between $400/$800 million.  A real life comparable is the 2025 purchase in California by Frontwave CU of a $316 million asset bank for $56.4 million in cash [link]. The 250,000 members of SAFE are not being compensated for their ownership interests - zip, zero, nada. 
7. The official SAFE merger notice [here!] provides evidence of up to $15 million in payouts to senior executives and up to $750K in future fees to two SAFE Board members. Immediate payments result from the change in control triggered by the merger proposal. 
8. This merger does not appear to meet the basic definition and standards of an impartial, arms-length business transaction. The idea of merger was not discussed with SAFE members in advance, terms of the merger agreement have not been disclosed, alternatives/options to merger have not been presented, the required "Special Membership Meeting" to discuss the merger is not scheduled until the conclusion of the member merger vote, and the ballot includes a misleading "vote" on charitable community support.  
9. California laws provide for majority member approval of mergers [15201.a], which protect credit unions from "rogue" takeover attempts by insiders or minority member factions. Section 15201.b provides the State regulator with authority to independently approve mergers for community benefit, financial necessity, or to avoid potential failure. [link] The minority "rogue" faction supporting this SAFE merger proposal appears to arise solely within a small clique of SAFE insiders.
10. The failure of a majority of all SAFE members to vote in favor of the merger proposal will be prima facie proof that 1) SAFE members are pleased with their CU and wish to maintain independent, local control, or 2) see no benefit and much potential harm in the merger, or 3) are unaware and inadequately informed of the merger proposal.
11. For SAFE members, Sacramento, and California, there is no benefit in Department of Financial Protection & Innovation rushing into an ill-considered and poorly justified approval. A DFPI merger approval is final and fatal for SAFE CU. 

Credit unions are a the fair, responsible solution to the knowledge imbalance between experienced for-profit financial providers and vulnerable consumers.  The lack of consumer expertise in financial matters is widely apparent. What consumers do not know, can and does cost them dearly. 

Member-owned, non-profit credit unions have served to level that playing field on behalf of their consumer/members. With mergers such as SAFE/BECU, that vital role appears to be ending.

  The potential massive financial gains available to CU insiders through mergers will soon reach North Carolina And SECU... you can take that to the bank!

    

The 2026 SECU Annual Meeting: Q&A "Up" Time... As In "Put" Or "Shut"!

                              Are we experiencing some sort of lolly-gag? [link]

✅ The Q&A will be a test of character for our CEO. It is Leigh Brady's opportunity to tell the truth, the whole truth, and nothing but the truth to the 8,000 employees and 3 million members for whom she works. A leader should be willing to do that.

✓ Being open about rates, service quality, posting information, and the normal tensions around everyday issues would be welcome. A breath of fresh air!

 

✓ Lets hope our CEO will step up with a straight answer this year to this question: "Please publish the wording of the bylaw amendments approved by the SECU Board in September, 2025; explain their purpose and intent; and state if the amendments have been modified or rescinded?" The truth won't hurt, another duck will.

 

✓ Is the SECU Board truly going to require a 300,000 member petition and special meeting for members to suggest resolutions for consideration by the Board? Does that make sense, or another internal lawyer gone rogue? Can't our CEO think of a better solution?

 

✓ Then listen carefully to the member privacy answer. Give up our privacy rights and allow SECU to sell our personal financial data to third parties without specific approval, or don't get service? [AI is sure to inflame this issue further!] This is not what SECU members want, nor expect from SECU, is it?. 

Governance: 

1. Why doesn't SECU post a copy of our bylaws on the website? Most credit unions do. It would help eliminate any uncertainty.
2. Why does the board refuse to nominate more than one candidate for each vacancy? Let the members choose.
3. Will our Board commit to remaining a North Carolina credit union and not merge with out of state CUs? 
4. Will the Board commit in the bylaws that no director or executive can receive bonuses, payouts, or other benefits tied to a merger or sale of SECU?
5. Please publish the wording of the bylaw amendments approved by the SECU Board in September, 2025; explain their purpose and intent; and state if the amendments have been modified or rescinded? 

 Communications with the membership: 

1. To whom are member questions submitted and how do members know all questions are answered?
2. Why am I limited to only one question in advance?
3. Why won't our CEO participate in live interviews with the press? Or hold public member forums? 
4. Why won't our CEO hold regional open dialogue sessions with members? 
5. May members attend advisory board meetings to ask questions?
6. Your requirement that questions be submitted with a name and address intimidates members, especially employees. Is this intentional?

Employees/Operations  

1. Does the Board intend to degrade employee health coverage as they did with retirees?
2. When will the "core" computer conversion be completed? 
3. Is the Board aware of how poor our service has become on call center contacts? Why not? 
4. Why doesn't the Board publish our monthly financial statements online? Is there a problem?
5. Am I the only person experiencing problems with the new bill pay? Late payments, dropped items, issued a post-dated check which "bounced"! Fixed? 
6. Do you still intend to make risk rated mortgage loans to us?
7. How will you handle layoffs caused by AI? How many do you forecast?
8. Please do a professional, independent, anonymous employee survey. You need to know.

Resolutions:

1. How can a group of SECU members present a resolution to the Board of Directors for consideration and response? What is the best way for members to be heard on important issues?

Privacy: 

1. SECU has recently announced a new  “Online Privacy Notice” that is both invasive and intrusive. If members choose to fully protect their online privacy by opting out of SECU’s policy, the implication is that SECU will restrict the members’ rights to basic services, one example, the mobile app.  Is this true?  
2. How do members opt out of these discriminatory policies (such as sharing member information with third parties) and continue to receive the full service which their membership has always provided?  

 CEO  Loan:

1. Would you please explain the $26.5 million, non-recourse loan granted by the Board to CEO Leigh Brady, which was reported to the IRS.?" 

 

  In Leadership... Character Matters! 

History Shows That Suppressing An Honest, Open Dialogue Creates Larger Problems...

 ✔ "If you'll just shut up, this slavery thing will all blow over." (US Congress, 1836)

   

Several commenters ask:  What's the problem with the SECU Board prohibiting members from speaking?

✷ Anonymous 10:59 AM Members have opinions, but rarely, if ever all the fact, data, and analysis that go into decisions. If folks think they are going to stand up and say something the board hasn’t thought of that would change their decisions, they are sorely mistaken. (!) 

✷ Anonymous 11:00 AM So is that a good process and outcome? Perhaps, as members could hear two sides of an issue, but it wouldn’t lead to a different outcome of any kind.

 👆👆👆Kinda makes you want to gag doesn't it! 👆👆👆

✷ Anonymous 10:34AM : So how is the business at risk when members aren’t allowed to speak at the annual meeting? 

✷ Anonymous  2:35 PM Wow. Sounds impressive. But what does it have to do with SECU?

✔ Would it bother you if you weren't allowed to speak at your local government meetings? At your local Board of Education meetings? At town hall meetings of your state and federal representatives? At convocations of your church?

✔ What exactly is the risk to SECU of continuing the core democratic principles of free speech and open dialogue at the credit union? 

 

 

 "Why does the SECU Board fear the members?"

First We Had The Pentagon Papers, Then The Epstein Files, Next Up The "Duck" Tapes?

  "I can believe anything, ... provided it is incredible" - Oscar Wilde

 As you know, most of the 70 questions submitted by SECU members for the Annual Membership Meeting [link] were not answered by Ms. Brady, but a promise was made to post a complete list of Q&A by the end of October.  

I case you didn't notice, an additional limitation on SECU member rights was added at this Annual Meeting - the Q&A was restricted to 30 minutes, so as not to "inconvenience members".

Year     Member May Speak     Member Resolutions    Q&A 

 2022         Fully Permitted         Fully Permitted          Yes

 2023             Restricted                   Restricted            Yes 

 2024             Prohibited                  Restricted            Yes

 2025             Prohibited                  Prohibited           Yes

 2026             Prohibited                  Prohibited           30 min.

✔ Is SECU member participation in their credit union becoming a "No, No" ? 

First we had the "no formal proposal proposal", then the "no bylaw amendments amendments", then the "no member resolutions resolution", ... and now the "no Q&A, Q&A"?

😎 What next? The "no membership membership meeting"?

  Hope we're not waiting on..."The Great Pumpkin"! 🎃🎃🎃

The 2026 SECU Annual Meeting Q&A Recap: Privacy Rights - Do North Carolinians Deserve Less Protection?

  Why penalize local N.C. folks?

✅ While we wait on our CEO's answer as to how committed SECU is to protecting  member privacy in an increasingly dangerous world of skimming, scamming, hacking, phishing and ransomware, shouldn't SECU offer at least equal privacy protection to all SECU members?

😎 Did anybody answer "no" to that question? Didn't think so. 

✅ SECU discloses and already administers a separate privacy policy for SECU members in California  [here take a look - "California Notice"]. Just a few of the greater protections offered to members in California ("CCPA") and clearly spelled out:

✔ We do not “sell” or “share,” and have not “sold” or “shared” (as those terms are defined in the CCPA) in the preceding 12 months, Personal Information subject to the CCPA.

✔ Right to Know. You have the right to request that we disclose certain information to you about our collection, use, and disclosure of your Personal Information over the past 12 months:             

•  The categories of sources for the Personal Information we collected about you. 
•  Our business or commercial purpose for collecting Personal Information about you.
•  The categories of third parties to whom we disclose your Personal Information. 
•  The specific pieces of Personal Information we collected about you.

 ✔ Right to Data Portability. You may request and obtain a copy of your Personal Information in a portable and, if technically feasible, readily-usable format that allows you to transmit the Personal Information to another person or entity without hindrance.

✔ Right to Deletion. You may request that we delete your Personal Information, subject to certain exceptions. 

✔ Right to Correction. You may request that we correct Personal Information we have collected about you that is inaccurate. 

 ✔ Right to Non-Retaliation. You have a right not to be retaliated against for exercising your rights under the CCPA, including when you are an employee, job applicant, or independent contractor.

😎 Can a North Carolina member of SECU "opt-in" on these broader, clearer, and fairer privacy protections? Why not?

  Why not "Do the 'Right to' thing"? ... to better protect all of us? 

The 2026 SECU Annual Meeting: Q&A Recap - Privacy Rights? Did You "Notice"?

           

                        👉 👉  October 23, 2026👈👈

✔ "Nation's Biggest Banks Detecting Unauthorized, Third-Party AI Agents Operating Inside Customer Accounts"  [link]!

 

                                         Effective date: July 15, 2026 [link]

✅ But we're protected [link]... right?

  Guess we'll find out by ... Halloween!

The 2026 SECU Annual Meeting: Q&A Recap - Losing Privacy Rights Too? Did You "Notice"?

                                                      Effective date: July 15, 2026 [link]

 ✅  A commenter yesterday posted an "industry standard", seemingly well-reasoned explanation of reassurance about the new SECU privacy policies [here take a look... Anonymous October 22, 2026 at 5:34 AM ]. So, hey, as a member..."Don't worry, be happy", SECU has got our backs!

✔ Why SECU's new privacy policies are misguided: Should SECU members be required to give up personal privacy rights and allow SECU or third parties to monitor, manipulate, or sell personal financial data without your specific approval? Have you been following the news?

Just the latest examples in today's press: "Meta fined $25bn for 'lies' over user data privacy"; "PHP cybersecurity flaws prompt millions of hacking attempts"; "US banks detect unauthorized AI agents in customer accounts, Axios reports."  AI is sure to inflame this issue even further!  .

Our commenter's soothing remarks sound reassuring, but don't reflect the reality of what SECU members are being subjected to.  Go back up to and click on the privacy policy link. Did you notice these provisions?

✔ "Changes to the Notice:  We may update this Notice to reflect changes in our privacy practices at any time without prior notice to you. 

✔  "Third-party links: Our Sites may contain links to relevant external websites and information controlled by third parties.  SECU is not responsible for the content or privacy practices of websites owned by other entities. "We" recommend that you carefully review the privacy notice for each of the websites you visit because SECU has no control over the privacy practices or content of these linked Sites 

😎 Got our backs? "SECU is not responsible"... "SECU has no control over" ... ""We" recommend that you...!  

This is not what SECU members want, nor expect from SECU. 

✅  Listen carefully to CEO Leigh Brady's "forthcoming" answers on SECU member privacy rights. She promised SECU members answers! Look for the following:

1. Why are member privacy statements required by law? 
2. Whose privacy are the statements intended to protect? 
3. Why does SECU refuse to accept responsibility for privacy of your third parties? Who is putting the member at risk?   
4. Why can't a member chose to opt out of unnecessary privacy risks, if "SECU is not responsible"?  
5.  Does SECU sell member data to the third parties? Or just give it away?
6.  Is it true, if we don't agree to a say on your personal, privacy rights; you won't provide any services on online?  

 ✅ The SECU Board and CEO can do much, much better than this for the people of North Carolina! 

 😎 If our Board and CEO were truly interested in taking steps toward better protecting SECU member privacy - rather than "CYAing it " -  it could be easily be done tomorrow! Why wouldn't they do that?)

  In leadership... Character matters!

Lets Pause A Second To Chase Those Trolls Back Under A Rock... Their Pants Are On Fire!

   Quite a flurry yesterday [link] of "comment angst" over the question of SECU's new member privacy rights policies - as yet, still unanswered.  The trolls were literally swarming, some quite frenzied...

✅ Here's the gist: Anonymous October 20, 2026 at 10:17 AM

"The privacy statements have been in place since you were CEO and are required by law. Are you suggesting SECU break the law? Don’t edit my comment now."

😎 Claims that the privacy statements have been in place for decades and have never changed are simply not true. 

✅ So who is telling the truth? How can you find out? 

✓ Easy enough, go to the SECU website !   [Here's the link!]

  

Before you delve into the new policies, scroll to the bottom and check out this statement: 

✔ "Changes to the Notice:  We may update this Notice to reflect changes in our privacy practices at any time without prior notice to you. When we do, we will update the Effective Date of the Notice. "

Now scroll back up to the top and read the very first line:

✔  "Effective date: July 15, 2026" 

✔ Which means the most recent time SECU changed its privacy policies was... ???  That's right, you got it... @ 4 months ago on July 15, 2026!

  "... same for decades, never changed"? Decide for yourself... whose pants are alight!

 

  Character matters! So, does the truth... 

 

The 2026 SECU Annual Meeting: Q&A Recap - 'Splaining Stuff ... Too Much To "Ask"?

   The More The Merrier?

The last few days, commenters have obsessed over the $26.5 million insurance loan made to our CEO. Folks have jumped on that carousal with a vengeance.

✅ The lurid attraction is a dangerous distraction! As an SECU member, don't lose sight of the more fundamental questions [link] our CEO has - to date - refused to answer about: those "no amendment amendments", the new trampling of individual member privacy rights, revocation of member rights to speak, participate, and present resolutions at Annual meetings. 

✔ And then there is, the new 30 minute annual meeting limit on 3 million members to ask our CEO and Board questions! 

So, don't get too distracted by that $26.5 million painted pony; Ms. Brady has promised to answer and post all submitted questions. Commenters have sought clarity: what insurance company, what agent, what premium, what rate, whose cousin, "secured" by what, etc. 

✔ Lets hope the answer is not what one commenter said: "... More importantly, you have no right whatsoever to know that information" October 18, 2026 at 10:56 AM.  [Really? Surely you jest!]

Might point out that every North Carolina teacher and all state employees' annual salary/benefits are publicly published... as are the comp levels of CEOs at JP, Chase, Citi, and BOA. SECU shouldn't have anything to hide. 

✔ No right to know? Wrong about that! The reason the IRS requires disclosure is they want credit union members [and charity/non-profit supporters]  to know exactly what's going on due to rampant abuse in this benefit area.   

The BNC article [link] was somewhat sketchy: State regulators don't approve CEO compensation/benefits - a $26.5 million loan to any SECU member would of course raise their eyebrows! SECU execs already have substantial special retirement packages [SERPs] which didn't require approval.

😎 But, do your own research! Call up your life insurance agent, tell them you're a 60 year old female, in good health, and would like a quote on a $26.5 million life insurance policy. Let us know what they say!

  "No longer riding on the merry-go-round, ... " - J. Lennon

The 2026 SECU Annual Meeting: Q&A Recap - Asking To Insure A Fair Balance Is Maintained

            Trust... but verify!

  [link]

✅ Member Q&A Submitted In Advance: "Would you please explain the 26.5 million dollar, non recourse loan granted to CEO Leigh Brady by the board, which was reported to the IRS."

✔  Our CEO Leigh Brady didn't answer the question, but promised to answer all submitted SECU member questions (70!) by the end of October.

  North Carolina's premier business news source decided not to wait and started digging for answers... [link].

  Halloween is October 31st... Trick or Treat?

 

  Character matters... 

The 2026 SECU Annual Meeting: Q&A Recap - Looking for Some Honest Answers...

                            Still Looking!

  

                     Disin-diogenous? 

 "Give light and people will find the way."                       - Ella Baker [One of North Carolina's finest! - link] 

The 2026 SECU Annual Meeting: Recap ...

   Highly Producktive!

This year's Annual Meeting appeared to go off without a hitch. Well-scripted, stage-managed! 

As noted in yesterday's post [link], SECU members' focus should have been on three areas: 1) financials, 2) board election, and 3) the Q&A. Well, it ended up being a "Meatloaf" meeting [link], as in "Don't be sad, 'cause two out of three ain't bad." 

Excellent marks for financial performance in the past year, with unblemished CPA audit reports for @ the 50th consecutive year - the real hallmark of SECU! Financially well-managed, safe and sound. CEO Brady's interpretation of those financial results did have its critics [Anonymous October 13, 2026 at 6:51 PM].

You might be surprised, but board elections were also a high positive! Looks like @100,000 members are still very much engaged. SECU members showed they want to have a choice and a chance to vote on their directors. This year's member-nominated candidates - Barry Browning and Julian Hawes - attracted much interest, but were not elected. The two member-nominated candidates from 2023 were re-elected!

  As to the Q&A, regrettably it turned out to be another "tails up" performance by our CEO. We did learn that a new 30 minute limitation has been adopted for this session. Most of the 70 submitted questions were not answered by Ms. Brady, but a promise was made to post a complete Q&A by the end of October. So, we'll have to wait a couple of weeks on this one. If you missed the Annual meeting, a video will also be posted by the end of the month. 

😎 As an SECU member be sure to take a few moments to watch the video segment on the SECU Foundation! The Foundation presentation by executive director, Jama Campbell, was the highlight of the meeting. If you don't realize how important SECU is to North Carolina, Ms. Campbell will convince you - Make you proud! 

   SECU... you own it! 

 

2026 SECU Annual Meeting: Character Matters! Show Time..Part Last!

   Trust Us! Why?

The SECU Annual Membership Meeting begins at 1:00 pm.

The SECU Board has clamped down on SECU member participation - now a "members may listen only" format. Guess we should be grateful for that! You can "listen up" over live-stream [link]

Listen for this:

1. Financial reports: SECU remains safe and sound - as always. No surprises there.  
2. Election results: There was no election in 2025, but two members - Barry Browning and Julian Hawes - stepped up this year to make sure that member right doesn't also get extinguished.  [Kalshi is heavily favoring the incumbents!] In 2023, around 15,000 members voted, with the 3 Board anointed incumbents getting bounced in a close contest; @ 100,000 members voted in 2024 with incumbents prevailing soundly by a 2 to 1 margin. It will be interesting to see how many members participate in 2026. 
3. The Q&A session:  Might take a look at the last 5 posts [starting here] for some questions which were submitted.

✅ The Q&A will be a test of character for our CEO. It is Leigh Brady's opportunity to tell the truth, the whole truth, and nothing but the truth to the 8,000 employees and 3 million members for whom she works. A leader should be willing to do that.

 

✓ Being open about rates, service quality, posting information, and the normal tensions around everyday issues would be welcome. A breath of fresh air!

 

✓ Lets hope our CEO will step up with a straight answer this year to this question: "Please publish the wording of the bylaw amendments approved by the SECU Board in September, 2025; explain their purpose and intent; and state if the amendments have been modified or rescinded?" The truth won't hurt, another duck will.

 

✓ Is the SECU Board truly going to require a 300,000 member petition and special meeting for members to suggest resolutions for consideration by the Board? Does that make sense, or another internal lawyer gone rogue? Can't our CEO think of a better solution?

 

✓ Then listen carefully to the member privacy answer. Give up our privacy rights and allow SECU to sell our personal financial data to third parties without specific approval, or don't get service? [AI is sure to inflame this issue further!] This is not what SECU members want, nor expect from SECU. 

 

 😎 Trust Us!... Why Not Trust "Us" - Your Members ? 

 

 Hey, Listen up ... !

2026 SECU Annual Meeting: Undemocratic Principals? Part V

  2026 SECU Annual Meeting 

✅ Have these restrictions on the cooperative, democratic rights of SECU members reduced the Annual Membership to farce?

Meeting Year     Member May Speak     Member Resolutions

       2022                 Fully Permitted         Fully Permitted

       2023                    Restricted                     Restricted

       2024                    Prohibited                    Restricted

       2025                    Prohibited                    Prohibited 

✔ Governance at SECU seems to be increasingly unprincipled - at least democratically! And, members have submitted several questions asking "Why?":

1. Please publish the wording of the bylaw amendments approved by the SECU Board in September, 2025; explain their purpose and intent; and state if the amendments have been modified or rescinded? [replay!]
2. Why doesn't SECU post a copy of our bylaws on the website? Most credit unions do. It would help eliminate any uncertainty.
3. Why does the board refuse to nominate more than one candidate for each vacancy? Let the members choose.
4. Will our Board commit to remaining a North Carolina credit union and not merge with out of state CUs? 
5. Will the Board commit in the bylaws that no director or executive can receive bonuses, payouts, or other benefits tied to a merger or sale of SECU?
6. SECU has recently announced a new  “Online Privacy Notice” that is both invasive and intrusive. If members choose to fully protect their online privacy by opting out of SECU’s policy, the implication is that SECU will restrict the members’ rights to basic services, one example, the mobile app.  Is this true?  How do members opt out of these discriminatory policies (such as sharing member information with third parties) and continue to receive the full service which their membership has always provided?

😎 Look out for that last one! The newly adopted (effective: July 15, 2026) SECU Board privacy policy can be found here - [link]! It would appear that you and I, as SECU members, no longer has any right to privacy!

   "People Helping People" or are SECU members now being "Flocked" by our credit union? 

2026 SECU Annual Meeting: Sharing SECU Finnancial Information - Too Taxing? Part IV

   Or is it a bit too IRkSome?

One of the softball questions submitted for response at the Annual meeting is:

 ✔ "4. Why doesn't the Board publish our monthly financial statements online? Is there a problem?" [See Part II - link]. Which prompted a trollish response: "4) if you really need to see them monthly you can request them. (Members rarely do, by the way)"

Not certain why the SECU Board continues to adopt a disdainful attitude toward SECU members on such a non-controversial issue - especially when member access to financial information is mandated by North Carolina law? (Why not get modern - "Go Digital!") 

✅ Why play hardball with SECU members on such a simple issue? Well, what goes around, comes around! Here's another question which a member submitted for response at the Annual meeting this week:

✔ "Would you please explain the $26.5 million, non-recourse loan granted by the Board to CEO Leigh Brady, which was reported to the IRS.?" 

Say what? SECU is required to file an annual tax return (called a "990-T") with the IRS. Yes, that's right - even though SECU is tax-exempt. Key IRS goals are to track the scope of financial activity, major third party contracts, levels of executive compensation, and to monitor for potential conflicts of interests. [take a look at the full 2025 SECU 990-T here].

Here's what the member is questioning: 

"THE CREDIT UNION HAS A SERP PLAN FOR KEY EXECUTIVES. DURING FISCAL YEAR 2025, A N0N-RECOURSE LOAN WAS GRANTED TO LEIGH BRADY, PRESIDENT, IN THE AMOUNT OF $26,500,000 FOR THE PURCHASE OF SPLIT DOLLAR LIFE INSURANCE. 

 

😎 The SECU Board wasn't real forthcoming about its loan of $6.5 million to the former CEO (still owed as you can see) - which caused a firestorm of critique. Perhaps this year's response on the $26.5 million CEO loan will be clearer - and more convincing!

   Lets hope so... wonder if it's a "risk-based" loan? 

2026 SECU Annual Meeting: "What We Have Here Is Failure To Communicate"! Part III

    2026 SECU Annual Meeting

Got some push back from yesterday's post, claiming many of the questions were "too tactical"; and therefore, evidently beneath the dignity of our Board and CEO to answer - unworthy of response! 

Sure hope that's not true and that the CEO "Q&A" rises well above the sketchy blah-blah-blah of the anonymice.  BTW, the most frequently asked question seemed to be: "Why are we getting screwed with a 2% money market rate in a 4%+ t-bill world? "Too tactical"? Yes! Relevant? ... oh hell yes! Last time this lax-lag mistake happened $5 billion in member funds departed. 

✅ There were several questions concerning the communications process - or lack there of - with the membership. 

1. To whom are member questions submitted and how do members know all questions are answered?
2. Why am I limited to only one question in advance?
3. Why won't our CEO participate in live interviews with the press? Or hold public member forums? 
4. Why won't our CEO hold regional open dialogue sessions with members? Or may members attend advisory board meetings to ask questions?
5. Your requirement that questions be submitted with a name and address intimidates members, especially employees. Is this intentional?
6. How can a group of SECU members present a resolution to the Board of Directors for consideration and response? What is the best way for members to be heard on important issues?

That last one (#6) is the sine qua non of the refusal by the SECU Board to communicate with its member-owners. It's the infamous "Rule 6" adopted in 2023 by the Board: "Rule 6. No substantive motions shall be permitted from the floor other than those provided in the notice of the meeting."  

 

✔ That leadership hauteur was subsequently heightened by an internal "legal" opinion claiming SECU now requires a 300,000+ SECU member petition and a "Special Membership Meeting" to present a resolution to the SECU Board! Democracy in action at SECU?

 

😎 Over the last 5 years, SECU has often been "over-lawyered" and "under-led". It will be interesting to see if our new CEO will rise to the occasion... and "lead us up out of Egypt"?

 

 "Cool Hand Leigh"? [link]... let's hope so! 

  

 

SECU Annual Membership Meeting 2026: A "Member Forum"? Part II

   2026 SECU Annual Meeting 

Talked yesterday about how the SECU Annual Meeting has been debased by the ever escalating restrictions on member participation [link]. The SECU Board seems to have adopted the late 1800's authoritarian attitude that: "Children should be seen, not heard"! 

But, the Board still permits SECU members to listen, as long as we do so quietly - mutely! The meeting agenda calls for a "Q&A" session in which our CEO will read answers to questions submitted in advance. Have received a number of the questions submitted. Thought we might take a look at a few of them over the next few days.

The questions seem to fall into 3 broad categories: internal, governance, and future/ethical/integrity concerns. Let's start with the internal issues. First, it's impossible for anyone to respond to the employee and member "friction" questions which arise in the normal course of business. Often very personal! Need to talk with your local manager or HR about those. But here are a couple which seemed broader:

1. Does the Board intend to degrade employee health coverage as they did with retirees?
2. When will the "core" computer conversion be completed? 
3. Is the Board aware of how poor our service has become on call center contacts? Why not? 
4. Why doesn't the Board publish our monthly financial statements online? Is there a problem?
5. Am I the only person experiencing problems with the new bill pay? Late payments, dropped items, issued a post-dated check which "bounced"! Fixed? 
6. Do you still intend to make risk rated mortgage loans to us?
7. How will you handle layoffs caused by AI? How many do you forecast?
8. Please do a professional, independent, anonymous employee survey. You need to know.

Not too bad a list, with some important questions. Would add that the SECU Board might take a hint from #8 and add a "professional, independent, anonymous" member survey, too. 

SECU used to be among the most favorably-ranked credit unions by members in the U.S. - still true? The type of "member survey" techniques now being used by SECU are neither empirically grounded, nor  statistically sound. 

😎 Can be risky operating in the blind!

 "Member forum"... for-us or for-them?