The SECU Annual Membership Meeting - 2025: "Curiouser and Curiouser!"

 

  “The proper order of things is often a mystery to me.”                                                                                                                             - The Cheshire Cat

Ms. Cathy Plaut, SECU Chief Legal Officer

CATHY.PLAUT@ncsecu.org

 

August 25, 2025

 

Re: SECU Member Resolutions - 2025

Dear Ms. Plaut,

Thank you for your prompt response [link] to my August 15, 2025 inquiry [link] concerning the presentation of SECU member resolutions to the SECU Board of Directors.  

I had hoped that specifically limiting resolutions to SECU governance issues would appropriately narrow the focus and scope of discussion. And, that the submission of resolutions well in advance would fairly enable all SECU members to review and consider the issues. It has historically been standard practice for all credit unions to include such discussions as part of their annual membership meetings. 

Wish to clarify your statement that member resolutions had not been allowed at "recent"' annual meetings is not fully accurate. SECU members were invited to fully participate in the annual membership meeting from 1937 through 2022.

Member resolutions from the floor were first prohibited only in 2023 and SECU members were prohibited from speaking at the annual meeting for the first time in 2024 - just nine months ago!

SECU members have not been prohibited from submitting resolutions prior to the annual membership meeting, until your ruling in your latest response of August 20, 2025.  SECU members may not now actively participate in any fashion at the 2025 annual meeting.

From your letter, it appears that you believe that the SECU bylaws permit member resolutions only through the calling of a "Special Membership Meeting". That is certainly a novel idea, perhaps unique to SECU; and certainly appears to erect new, substantial barriers for the membership.

But, again your response and clarification are appreciated. If a "Special Meeting" is the approved method, would you please send me a copy of your established rules and procedures for calling such a "Special Meeting". 

Thank you. Look forward to receiving those guidelines and procedures promptly.

Sincerely,

Jim Blaine, SECU Member

cc

Leigh.Brady@ncsecu.org

kristina.ray@nccud.nc.gov

 

... Ask Alice?

 

 

 

As SECU Seeks To Be Little More Than "Industry Standard" And Pursues Commercial Lending, Questions Will Arise...

... state of the "movement"?

Current "Industry Standard":

✅ "Credit union acquisitions of banks surged to record levels, with 22 announced acquisitions in 2024, representing more than $11 billion in bank assets potentially lost. Ten of these deals crossed state lines. Credit unions are effectively “weaponizing” their tax subsidy and lax regulatory standards."

✅ "Credit unions used their tax exemption to avoid paying nearly $4 billion in federal income taxes in 2024 while holding $2.2 trillion in tax-free assets. The 450 credit unions with $1 billion or more in assets represent 80 percent of the industry’s assets but comprise only 10 percent of the total number of credit unions."

✅ “The non-profit co-operative spirit and mission of credit unions is being threatened by a handful of . . . vanity projects like stadium naming-rights deals”.  The example is Frontwave Credit Union, a credit union that serves Marine recruits in California, which purchased the naming rights to a soccer sports-and-entertainment complex in 2022."

“Explain to me how a grunt Marine at Fort Pendleton, who is a Frontwave Credit Union member, is benefiting from their multi-million dollar stadium naming-rights deal as opposed to reducing their overdraft fees or lowering their credit card rate.”

😎 Well, at least we can be thankful that the SECU Board hasn't wasted SECU members' money on 1) bank buys, 2) ego-mergers, or a 3) naming rights fiasco...