SECU: Do Unicorns Have Offspring?

   The "old/old" look?

😎 Generally folks in finance don't believe in unicorns. Y'know there is little "data" on unicorns and rarely a credit score. And so, if you don't believe, how can you make a decision?

There was a time in the not too distant past, when SECU prided itself on being something more; yes, something different. One of the often overlooked differences was the development and training of leaders for North Carolina... and beyond.

The formula was pretty simple: Hire locally, hire at the entry level, remove internal barriers for advancement, promote from within based on performance whenever possible. Empower the employee to make "at the point of contact " decisions; monitor, but forgive "good faith" mistakes.  And there were two required business principles: 1) Respect yourself ("Do the Right Thing") and 2) Respect others ("Send Us Your Mama"). 

With branches in every North Carolina crossroads, SECU became a local economic engine for job creation. Local hiring created accountability for the branch leaders to encourage, train, and judge performance. Without barriers to advancement, the employee recognized the opportunity for success. A principles-driven business assured stability and a clean conscience.

Critics called the system in-bred, without "new/new" ideas; but fumbled to explain why SECU thrived. The "no such thing as a unicorn crowd" failed to recognize that every year hundreds of new employees entered the SECU system - most were very young with fresh ideas, from diverse backgrounds, with a wide variety of life experiences. 35 SECU "in-breds" were recruited as CEO's at other credit unions nationwide. Many other "graduates" went on to success in other fields. 

Let me introduce you to one, Ben Shaw [link - do take a look!]

✅  "Purpose in the Water": “My favorite class to teach is personal finance because I lived it for ten years working at SECU. I’ve seen people succeed and people fall into massive debt. Every chapter, I’ve got a story. That’s what sticks with people.”

  Sure looks like a unicorn to me!

 

Bank? Credit Union? There is a difference...

 

 

 

SECU Member Resolutions: Why "Lawyer Up" Against The SECU Membership?

 

     Isn't that backwards under our U.S. system of justice?

✅ Ms. Cathie Plaut, SECU Chief Legal Officer

Raleigh, North Carolina

September 10, 2025

Re: SECU Member Resolutions 

Dear Ms. Plaut,

Thank you for your letter of September 3, 2025 responding to the request for rules and procedures for submitting SECU member resolutions. 

From the  letter, I understand that your opinion is that SECU member resolutions may 1) only be submitted at a "Special Membership Meeting" and 2) that "SECU has not promulgated rules and procedures further detailing this process". 

It is an innovative idea to believe that Article VIII, Section 4 of the bylaws ["Special meetings of the members may be called by the chairman and shall be called on the written request of not less than 10% of the membership."] is meant to address member resolutions. Doesn't requiring over 300,000 SECU members ["10%+"] to petition the SECU Board - simply asking to be heard - create an extraordinary barrier? 

Had hoped that some reasonable, straightforward rules and procedures would enable SECU members to submit governance-related resolutions directly to the SECU Board for consideration. Had also assumed that such governance-related resolutions would generally be positive suggestions, not an attack upon the Board. 

Ms. Plaut, your "Special Meeting" interpretation on member resolutions appears to "assume the worst" - that all member resolutions will be adversarial and not constructive. Assuming the best from the SECU membership might be a better initial course.

Since you acknowledge that no rules and regulations yet exist, and that such changes will require future, Board-approved, bylaw amendments; would you consider a discussion of other possible alternatives for the Board to use, prior to any "Special Meeting"?

Creating the "Special Meeting" requirement seems to further disenfranchise SECU members in their roles as member-shareholders, unnecessarily.

Thanks for your consideration. Look forward to your response.

Sincerely,

Jim Blaine, SECU member

cc: Leigh.Brady@ncsecu.org>    kristina.ray@nccud.nc.gov>  

 

  The SECU membership isn't really a pitch fork-toting mob...!