DEFYING THE LAW
Tomorrow is the day that Priority One Credit Union conducts its long awaited, Annual Meeting during which the President and officers from the Board and Supervisory Committee will provide information about the credit union's performance in 2008 and describe forthcoming plans for the year of 2009.
President Charles R. Wiggington, Sr. will as he's done since 2007, meet with Board Chair, Diedra Harris-Brooks, during which they'll review what they'll talk about and make certain to that nothing is mentioned that they don't want attendees to hear. Most importantly, is to create the impression that things are just find and under control and moving forward as planned. They know exactly what they want to discuss and the notice mailed to members just a few weeks earlier make it very clear that nothing will be discussed that is not contained in the meeting's agenda.
A reader of this blog recently forwarded a copy of a letter received from the California Department of Financial Institutions ("DFI") in response to a complaint filed against the President Wiggington's refusal to post the credit union's Monthly Income Statements as mandated under state law.
The President's refusal is a reaction to this blog. As we've stated in past posts, he's man ruled by emotions- unstable emotions. Last February, he said he would no longer post the credit union's Monthly Income Statement because he was going to personally bring a stop to the source of some of our information. Rarely, have we ever witnessed this level of drive in Mr. Wiggington. It would have been impressive had it not been illegal.
Publication of the credit union's actuarials has put a serious crimp in the President's stories of a credit union that is thriving and growing though its own financial statements reveal a Priority One is a credit union in decline.
As we approach the end of May, the President continues to defy state law and is now refusing to post April's Monthly Income Statement. Of course, his violation of state law is being enabled by the equally corrupt, Diedra Harris-Brooks.
Here is an excerpt of the DFI's response to the complaint:
According to the California Code of Regulations, Title 10, Chapter 1, Section 30.701(c):
"The credit union shall post copies of its statement of financial condition and statement of income in a conspicuous place in each office of the credit union or at a place convenient to the members as designated by the board of directors, where they shall remain posted until replaced by the financial statements of the next succeeding month. In lieu of posting copies of such financial statements, a credit union may post a notice in a conspicuous place in each office of the credit union stating that copies of the financial statements are available upon request, and the credit union shall make copies of the financial statements available to members upon request."
If this is not the case at Priority One, please provide your mailing address to file a complaint formally.
Consumer Services Office
California Department of Financial Institutions
Our reader has now filed a another complaint regarding the President's continuing refusal to adhere to state law. This by the way, isn't the only complaint recently filed with the DFI against Priority One Credit Union.
Priority One has a new public reputation and one that is detrimental to its relationship to the communities it services. It seems the President and his patron, Board Chair, Diedra Harris-Brooks, have resigned themselves to ruin Priority One as a business and employer and have no concern about how the ruination of its reputation may potentially undermine the Credit Union's efforts to acquire new business. They may consider changing their tagline from "You are Our First Priority" to "Rules are Made to be Broken."