The SAFE Mega-Me Merger: Who Should DFPI Be Cheering For?

                     

❋ Cheerleader for the SAFE Board of Directors, or advocate for all SAFE members and guardian of the laws of California? 

✅ If you've been following this sad saga for a while you know that: The California Department of Financial Protection and Innovation (DFPI) has final decision authority on the the SAFE Credit Union Board's proposal to merge with Boeing Employees Credit Union of Washington State. But, you may have missed the key point!

✔ California law states that a majority of all SAFE members must vote in favor of the merger proposal for it to be approved.  If a majority of all 245,000  SAFE members do not vote in favor of merger, the merger is not approved!   [Got that?] 

✅ End of story? Not quite! Any final decision authority by DFPI occurs only after the legally required vote by all the members of SAFE CU.  DFPI does not approve a merger proposal in advance of a member vote, although the SAFE Board may seek to imply that it does. [Same sleight of hand SAFE used with that phrase "definitive agreement"!]

✔ So, DFPI by California law may overrule a vote of disapproval by the majority of SAFE members! 

😎 Can you think of any reason for DFPI to cheerlead on behalf of the SAFE Board over the objections of a majority - 122,500+ - of SAFE member-owners?

  Well, why not just ask DFPI now if it will overrule a SAFE member vote... and why?

With SAFE, California DFPI Will Set the National Standard For CU Merger Approvals

  

                 Let all SAFE members truly decide!

😎 Did you know that the infestation of blog trolls is not unique to North Carolina? Even California suffers from that vulgar plague! 

Those California stinkards are staunchly calling for DFPI to do its duty and let SAFE CU members vote on the merger-giveaway to Boeing Employees Credit Union in Washington State. They righteously call for democratic cooperative principles to be enforced by DFPI on this vote. 

"Fair is fair, justice is justice, the rule of law must be followed! "

 ✅ "Pursuant to Financial Code §§ 15200 and 15201, the following general requirements must be met in order to complete a merger. "[link]

✔ "1. Commissioner approval: The merger must be approved by the Commissioner."

✔ "2. Board of Directors approval: The merger must be approved by a majority of the board of directors of each of the credit unions that is a party to the merger ("constituent credit unions"), "

✔ "3. Membership approval:  a. Approval by majority of members:  

✷✷ "A Plan of Merger must be approved by a majority of all the members of a disappearing credit union, by vote or written consent. "

"Notice of the meeting must be given to all members entitled to vote on the merger, either personally or by first-class mail, not less than 30 nor more than 90 days prior to the date of the meeting. No membership approval is required of a state-chartered credit union that is the surviving credit union in a merger. "

 ✅ Yes, DFPI should follow explicitly the requirement of California law and let freedom and democracy shine for the members of SAFE Credit Union, the citizens of Sacramento, and the people of California!

😎 If 122,501 of the 245,000 members of SAFE CU vote to approve the merger, then both cooperative and democratic principles will have prevailed in California!

  Why argue with the trolls?