Wednesday, June 17, 2026

The SAFE Mega-me Merger: Awaiting Regulatory Approvals?

                                    Awaiting A Regulatory Blessing?

According to the SAFE Board:  "The combination process includes regulatory approvals, detailed integration planning, and ultimately, a SAFE member vote."

As easy as 1-2-3! 1) Regulatory approvals, 2) a detailed integration plan, and ultimately 3) a SAFE member vote. And BINGO!, the 85-year SAFE Credit Union charter is no more!

😎 Does this official outline of the merger process from the SAFE leadership make sense? 

Of course it doesn't! Shouldn't the 11-member SAFE Board - with a legal, fiduciary duty to 245,000 members in California - feel some obligation to first discuss the reasons for leaving home, and eloping to Washington, for a marriage of convenience with this hussie Huskie? Say perhaps, with "the family" in Sacramento? 

Have the 245,000 SAFE member-owners requested this merger? No!

  Have the 245,000 SAFE members seen the "definitive merger agreement"? No!

  Have the 245,000 SAFE members been asked for input? No!

  Are the 245,000 SAFE members aware of the financial disadvantages of this merger [link]? No.

 Will the majority of all 245,000 SAFE members vote for this merger? No!

😎  Will   - a regulatory agency steeped in its role of consumer protection - approve a shotgun marriage?

  Department of Financial Protection and.. I do? Such a tinder moment!