I am writing to express my concerns about your recent article, “Fight Between CEO, EX-CEO Goes Public,” published here. The article contains some incorrect statements and misleading information from one of the people interviewed in the story that should be corrected.
In the name of full disclosure, my name is Chris Ayer. I worked for State Employees’ Credit Union from 1985 to September 2021, and in my last role was chief information officer. (I am not related to the board chair, Chris Ayers.)
First, I do not think your title portrays what is happening at State Employees’ Credit Union. This is not a fight between CEOs. This is about the future of all our members.
Second, I want to respond to the quote from SECU Leigh Brady (regarding members who made statements at the recent annual meeting): “…Let me be clear on that group of members; 28 of those 32 were SECU retirees…These were members where (former CEO Jim) Blaine gave them a sheet of paper and said ‘You read this.’ And gave the next one a sheet of paper and said, ‘Now you read this.’ They were holding papers where Blaine gave them talking points. And they were supposed to stand up during the comment section and read their comments…Brady said she knows for a fact that is what occurred.”
This statement is false and misleading. I spoke at the annual meeting. I did not receive any “sheets of paper,” “talking points” or guidance or instructions on what to say. I shared my honest opinions and resent being associated with the art of misinformation.
Third, in response to another statement by Ms. Brady, “Quite frankly, right now, it’s very difficult to maintain what we need to maintain. We have a heck of a lot of work to do in the technology space. We are woefully behind on technology,” I appreciate the credit union’s ongoing commitment to technology. This has been a consistent strategy for both (former CEOs) Jim Blaine and Mike Lord. I also recognize that technology is constantly evolving and requires adaptation.
However, I disagree with the words “woefully behind.” This administration should adopt a more positive attitude toward our progress over the years. The Information Services Divisions and other key departments throughout the organization have implemented many technical improvements over time. These folks are amazing.
The Core Idea of Credit Unions
Fourth, for the record, I believe that risk-based lending goes against the core idea of our credit union, which is to provide equal and fair access to financial services for all our members. Suppose SECU’s first CEO in 1937 had suggested some original members would receive higher loan rates than others--do you think that would have been acceptable to the other founders? No! Would there be a State Employees’ Credit Union in 2023? No! I believe the needs and expectations of the original 17 members are still relevant today.
Risk-based lending will not make us a better credit union tomorrow.
Chris Ayer
Raleigh, N.C.