TUSTIN, Calif.–A long-time member of SchoolsFirst FCU has taken to a public forum saying the credit union has “once again made it impossible for any of its over one-million members to serve on its board of directors.”
In a blog posting, Dr. Barry Resnick, a retired professor of counseling with the Rancho Santiago CCD and a member of SchoolsFirst since 1980, criticized the credit union’s board election process on VoicesofOC.org, which is for residents of Orange County, Calif.
“This year four of the 13 board seats are up for re-election. If there was an election, current board of directors Eric Padgett, Marc Ecker, Matthew Schulenberg and Renee Hendrick would be on the ballot,” wrote Resnick. “As in the past there won’t be an election because the board makes it impossible for anyone to serve, but themselves.”
Resnick, who has used the blog in the past to criticize practices at the credit union, including an alleged lack of diversity on its board, wrote in his latest posting that to make the ballot a the $29.2-billion SchoolsFirst member must gather 500 fellow member signatures on a petition in a “very short window of time.”
A ‘Matter of Weeks’
“The recent online announcement by SchoolsFirst advised members they had until Feb. 6 to submit the 500 signatures. The signatures are required to be ‘affixed to a petition on or after October 1,’ but the announcement was posted months after Oct. 1, giving a SchoolsFirst member just a matter of weeks to obtain the 500 required signatures,” wrote Resnick. “The announcement will be deleted after February 6 and posted again prior to next year’s election once again giving members the impossible task to collect the signatures in a short timeline.”
Resnick included a copy of the announcement in his posting.
“Even if one could gather the signatures by Feb. 6 the board’s nomination committee still retains the right to decline the petition,” Resnick continued. “Why does SchoolsFirst’s board of directors go out of their way to make it impossible for a member to serve?”
Resnick alleged one reason the board limits challengers is the opportunity to “travel all over the world” to attend events hosted by the World Council of Credit Unions.
Additional Benefits
“Other benefits include the annual Board Planning Session,” wrote Resnick. “Despite the beautiful conference room at the SchoolsFirst headquarters in Tustin, the SchoolsFirst board goes all out for their planning sessions. This past August 3-5 the annual planning session was held at the Five Star Fairmont Grand Del Mar where even ‘special’ room rates can exceed $800 per night during the summer high season. Along with the board members and their spouses over a dozen of the SchoolsFirst leadership team with their spouses joined the weekend festivities.
“Expense-paid trips abroad and indulgence at five-star hotels are just a few of the reasons why it’s understandable the SchoolsFirst board of directors will go to whatever lengths possible to keep their seats,” Resnick added.
Resnick added that if they believe in the member-owned philosophy of credit unions and democratic elections, they should look to Frontwave Credit Union in San Diego, which opens nominations for board seats without a signature requirement.
Don’t Bother
“If you are a SchoolsFirst member and Frontwave’s democratic elections inspire you to attend the May 24 annual meeting to let the board know you want to serve, don’t bother,” concluded Resnick. “The board will not recognize nominations from the floor.”
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