Not-For-Profit Financial Cooperative?

PSECU was recently named a best "bank" by Money.com (https://bit.ly/3HUfpgE) where it described itself as a "not-for-profit financial cooperative". Let's take a look at the facts:

Credit Unions stand for financial democracy through the following cooperative principles (https://www.ncuf.coop/development-education/program/cooperative-principles/):

1) Voluntary and open membership
In recent years, PSECU has artificially grown its "membership" through loophole eligibility (PRPS & PCC) and indirect lending where dealerships receive millions in kickbacks 👎

2) Democratic member control
PSECU members haven't voted for its current Board of Directors as no elections have been held in over a decade 👎 they also never voted for risk-based pricing 👎

3) Member economic participation
PSECU holds over $800M in members' equity but hasn't paid special dividends to its "member-owners" since 2019 👎 yet it pays cash bonuses to new "members" 👎

4) Autonomy & Independence
PSECU paid over $7M or 9% of net income to its Board and executives in 2022 including several former bankers 👎

5) Education, Training & Information
PSECU offers financial literacy tools on its website, hosts financial reality fairs, and donated over $100k to educational organizations in 2022 👍 only 0.1% of net income 👎

6) Cooperation Among Cooperatives
PSECU doesn't offer any discernible support to other cooperatives 👎

7) Concern for Community
PSECU donated around $389k to charity in 2022 👍 only 0.5% of net income 👎

8) Diversity, Equity & Inclusion
PSECU launched its Diversity, Inclusion, Belonging (DIB) movement in 2020 👍 but still has all white voting members on its Board of Directors four years later 👎

#MembersDeserveMore