Anonymous Jan. 6, 2025 at 8:35 PM
✅ Here's some information which might help you as a member get the full financial picture on SECU. SECU is required to report complete financial data quarterly to the federal government. Here's how you access it:
1) The National Credit Union Administration (NCUA) is a federal agency which provides deposit insurance to U.S. credit unions - equivalent to the FDIC for banks. The NCUA requires each credit union to file a quarterly (end of each calendar quarter) financial statement known as the "Call Report" or also as the "5300 Report".
2) The quarterly Call Report becomes available to the public 1 month
after the end of the calendar quarter on Feb 1, May 1, Aug 1, Nov. 1 at the NCUA website:
[www.ncua.gov]
3) Go to the website landing page above and click on "Analysis' ' (middle of page), then drag down to the right and click on "Research A Credit Union".
4) When the "Research" page pops up enter the SECU charter# 66310, then press "Find".
5) After you enter 66310, the SECU locator page will appear... at the bottom click "View".
6) When the "Credit Union Details" page loads, you have several search choices to explore. For the "Call Report", first pick a cycle date (most recent quarter, or go back in history) , then hit "Download" and it will be loaded to your computer. When the report appears, scroll down to the fourth page and you can click on particular financial data or just keep scrolling down through the whole report.
7) On the "Credit Union Details" page you can also view some comparative ratios by clicking on "Request FPR" (look down right side). When the Financial Performance Report page pops up select the third option ("I want online") and hit OK. Reenter your charter# 66310 and you can then surf among the 3 options: Key Ratios, Financial Summary, Historical Ratios.
[If
you try this right now, you'll probably get a "no data" response ,
because you're asking for the 12/31/2024 data which hasn't been released yet
(will be available Feb 1!)... so back up a quarter for now, and ask for the 9/30/2024 quarterly data!].
✅ Another reliable source of financial data is the annual CPA audited financial statements (as of 6/30/2024), which can be found on the SECU website
[link]. The footnotes are always "interesting reading"!
✅ Also on the SECU website are some brief financial ratios and comments on the "Financial Status" of SECU
[link], note confirmation of rising delinquency and loan losses.
✅ Lastly, SECU is required by statute to make available to SECU members copies of the month-end financial statements. It seems to be a continuing unforced error by the SECU Board not to simply publish this data on the website, as a broader supplement to he "Financial Status" report above. But so far, that request has gone unheard. If you would like a copy it is best to email your request to the SECU CFO, Rex Spivey - [rex.spivey@ncsecu.org].
😎 Mr. Spivey is both diligent and cheerful in providing you with the required information and never grouses about the infringement on his time!
... OK! you're now locked and loaded...
Investigate and compare.
