SECU What's Next? Following The Rules...

... What's the hurry? 

✅ In a series of bylaw amendments approved on 6/30/2023, the NC Administrator of Credit Unions appeared to give the SECU Board unparalleled authority to run the credit union, without regard to basic shareholder rights and standard business practices.

😎 Given such broad authority for the SECU Board to make the rules, is it unreasonable for SECU members to demand that the Board  follow its own rules? [link] 

The NC  Administrator has the legal power to require compliance:

"§ 54-109.12.  .... All credit unions organized under the provisions of Article 14A shall be subject to the management, control and supervision of the Administrator of Credit Unions as to their conduct, organization, management, business practices and their financial and fiscal matters... as well as rules and regulations relating to financial records, business practices and the conduct and management of credit unions..."

✅ Are North Carolina credit union laws now optional?

Getting ready to find out!

SECU What Next? 2025 SECU Board Election Policies and Procedures...

Ms. Katrina Ray, N.C. Administrator of Credit Unions

re: 2025 SECU Board Election Policies and Procedures

June 9, 2025

Dear Ms. Ray,

As you are aware, during the last three years there has been continuing controversy over the SECU Annual Meeting and the nomination/selection procedures for SECU Directors. The various discussions resulted in contested SECU board elections in 2023 and 2024, including the replacement of several incumbent board members. A contested election was again anticipated in 2025.

It has been brought to my attention that the "SECU Election Policies and Procedures" [link] have been modified in 2025 without proper notice, which has precluded independent candidates from submitting the required self-nomination packages in a timely manner.

The failure of proper notification is self-affirmed from the SECU 2025 notice itself [link] :

A).  "3. Change in Election Procedure. In any year for which the Board modifies its election procedures, proper notice will be provided to all members at least 180 days prior to the annual meeting."

B). [165 days]

We would like to meet with you to discuss the best way to quickly remedy this failure without interrupting the annual meeting schedule, so that independent candidates can be rightfully considered. We would encourage you to include representatives from SECU in the meeting to help assure a quick, fair resolution.

Look forward to hearing from you as soon as possible. Time is of the essence and any delay may result in unnecessary disruption and costs.

Look forward to meeting with you this week if possible.

Thank you

Sincerely,

Jim Blaine

SECU member

cc cathy.plaut@ncsecu.org