A street sign at a branch of the North Carolina State Employees' Credit Union. A street sign at a branch of the North Carolina State Employees’ Credit Union. Source/Shutterstock

One thing is for sure, members who attended Tuesday’s annual meeting of the $49.6 billion State Employees Credit Union in Greensboro, N.C., do not support the board of directors’ controversial decision to implement risk-based lending, in part, because it breaks the credit union’s successful 85-year cooperative philosophy of treating every member fairly and sharing the benefits of membership.

What’s more, SECU members voted for three new board members who were self-nominated, defeating three incumbent board members who were nominated by the credit union’s nominating committee.

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Peter Strozniak


Credit Union Times

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