SECU What Next? Chief "Legaler" Eliminates The SECU Annual Business Meeting?

  SECU is none of your business!

In case you are just joining us, we have gotten down to "brass tacks" [link] on the blog; focusing on the true, critical issues at SECU - North Carolina state law, the SECU bylaws, and the dismantlement of SECU cooperative principles and ownership. 

✅ As a member-owner of SECU, you have already lost your democratic rights to speak and actively participate in the Annual Meeting [link], with the N.C. Administrator of Credit Unions apparently being duped in the process [link].

😎 But there's more!

The "Chief Legal Officer" of  SECU, in her May 19, 2025 letter [link] to a member's lawyer, offered up the following:

"You have inquired about any existing policies to allow for submission of member resolutions in advance of the Annual Meeting. The purpose of the Annual Meeting is for members to elect directors. "  "... there was no process to allow members to introduce resolutions for consideration at the Annual Meeting."

First, note in the last phrase that the "legal" officer forthrightly confirms that you as a member-owner were prohibited from expressing any opinion, suggestion, or resolution about SECU at the last Annual Meeting.

✅ Of greater concern, the "legal" officer has unilaterally decided evidently that: "The purpose of the Annual Meeting is to elect directors." It would appear that the "legal" officer has decided that the election of directors is the only democratic right that members may exercise at an SECU Annual Meeting. 

This contradicts North Carolina state law, the Federal Credit Union Act, and the core legal principle that the annual meeting is the required yearly business meeting for the credit union and its members - true for all cooperatives.

No true legal authority disputes that principle and that fact of law - except evidently the SECU Board and its "legal" counsel.

 ✅ "Why does the SECU Board fear the members?"

... hold tight, even more to come!

SECU What Next? How The Lawyers Stole Your Right To Speak...

    We don't need to hear you!

How did the SECU Board get away with prohibiting the right of SECU members to speak and participate in the Annual meeting [link]? It would appear at first glance that the State regulator rolled over [link], but maybe not so fast.

The Administrator of Credit Unions may in fact have been played the "patsy" (from the Italian pazzo, meaning fool) with those 6/30/2023 SECU bylaw amendments she approved. Here look again: "... (iii) authorize the Board to establish upon notice to the membership policies and procedures governing the order of business, format and conduct of the annual meeting."  

Looks pretty plain vanilla doesn't it! But take a look at the before and after.  Here is the SECU Annual meeting "order of business", enshrined in the SECU bylaws for 85 years prior to 2023: 

✅ The North Carolina Standard Credit Union Order of Business

(a) Ascertainment that a quorum is present.

   b) Reading and approval (or correction ) of the minutes of the last meeting;

  (c )Report of directors.

  (d) Report of the financial status

  (e) Report of the loan activity.

  (f)  Report of audit/examination.

  (g) Unfinished business.

  (h) New business other than elections.

  (i) Report of nominating committee.

        (j) Elections

        (k) Adjournment

 

   😎 SECU 2023 "New/New" Order of Business:

1) Call to Order/Confirmation of Quorum/Polls Open
2) Approval of 2022 Annual Meeting Minutes
3) Recognition of Board members and current and retired SECU employees
4) Report of the Chair & Bylaws Update
5) Report of CliftonLarsonAllen
6) Report of Nominating Committee
7) Report of SECU Foundation
8) Report of the President and CEO
9) Voting Concludes
10) Member Feedback Forum
11) Election Results
12) Adjournment

✅ In case you don't see what the internal SECU "legal predators"  with SECU Board approval have done to your democratic rights as an SECU member:  1) the SECU member may no longer speak at the annual meeting, 2) the SECU member may no longer discuss SECU operations with the Board under old business, 3) the SECU member may no longer suggest new directions or resolutions under new business, and 4) the SECU member may no longer participate in the #1 purpose of the annual meeting as a business meeting. 

😎 And it was .. "An Inside Job"! [link] "Why does the SECU Board fear the members?"

  Make you proud of "your credit union"?