The SAFE Mega-Me: What's The Problem?

      One thing is clear... the problem is not SAFE Credit Union. 

✔ Take a look at this newly released SAFE "Perfect Cents" podcast [link] in which SAFE CEO Faye Nahbani explains why a merger with Boeing Credit Union is necessary.  Then take the following quizzes: 

✅ Part 1 - Q:  Please list the 7 crucial reasons why Ms. Nahbani believes that SAFE Credit Union must sell-out now to the folks in Washington.

A1] By selling out, "We can assure that our success over the last 85 years ("a leader in the credit union space") will continue." [0:00]

A2] "Because we have created a low fee, high rate, high value environment for members to do their financial business with us". [2:15]

A3] Boeing will provide a value "we on our own cannot deliver." [3:15]

A4] [As to the the superiority of Boeing] - "This is provable, it's demonstrable. You an see it in the data, you can see it in their statistics. It's factual which I love, I love data... it's undeniable." [5:45]

A5] "We're at our strongest. I think SAFE's in a great position. We're in the best position we've been in in I don't know how many years." [7:25] 

A6] 'Significant fee reductions right off the bat.. the opportunity for better rates even on loans." [10:42] 

A7] Sorry as a reader, I just can't waste any more time on this! Over 35 minutes - often hesitant, frequently disjointed, unconvincing. [now]

✅ Part 2 - Q: What 7 things did Ms. Nahbani say about her interests and goals? 

A1] Favorite snack? "Nerds candy with the gummy in the center". [30:37]

A2] Favorite summer vacation? "Maybe Palm Springs." [31:15]

A3] Favorite car? "DeLorean" [31:52]

A4] Favorite restaurant? "Eat-A-Pita" [33:16] 

A5] How long at SAFE? "10 years" [34:38]

A6] Enough years to retire? "33 years working in credit unions". [4:20]

A7] What's next in terms of personal goals, aspirations dreams? "To finish off my Evolving Skies Pokemon series deck." [34:00] 

✅ One thing is clear... the problem is not the Credit Union.  

  All this makes "Perfect Cents", doesn't it? 

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.