The SAFE Credit Union Mega Mishap?

 

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:

 

  Looks like SAFE members and all of California have been put out on a limb. 

Credit Unions: On The Highway To... Or The Road To Damascus? [Revisited]

   See The Light?

✅ On Tuesday, July 7th, you might want to join the debate on loss of mission, merger madness, and managerial misanthropes at a   free webinar  [see here] - be sure to register .  Listen in or have your say!   

✅ In preperation, you might like to take a re-look at this Sunday morning sermon from Brother Ed Speed [CUDaily].

✔  Excerpt: "Royal consciousness" in credit unions is seen when:

• Scale becomes virtue, rather than a tool.
• Consolidation becomes inevitability, rather than a choice.
• Executive self-enrichment becomes normal, rather than scandalous.
• Member democracy becomes a nuisance, rather than non-negotiable.
• The movement’s origin stories become marketing fodder rather, than moral constraint. 

 ✔  A "strategic" plan for a West Coast Mega-Me?

 

 As the kids would ask: "Are we there yet?"