RALEIGH, NC (April 2, 2014) -- State Employees’ Credit Union’s (SECU’s) Board of Directors has approved the expansion of the cooperative’s existing volunteer Loan Review Committee system, creating more local member-volunteer involvement across North Carolina. Currently, there are 13 Loan Review Committees with approximately 85 member-volunteers serving on the Committees. With the expansion to a new Member Loan Review Committee format, the number of Committee volunteers will increase to 276. Committees are being established in all 46 SECU Districts to serve the 253 branches in North Carolina. The Member Loan Review Committee program will be implemented July 1st.
Loan Review Committees were originally created to provide a member-volunteer peer review process for loans that were denied at the branch level. Loan Review Committee volunteers review declined applications and often meet with members directly to discuss loans, offering another source of consideration for member loan needs. The expansion of the Committees will provide more convenience for members who may want to make a personal appearance to assure the fullest consideration of a loan request.
The transition to the new Member Loan Review Committee format will also incorporate SECU’s 253 branch Advisory Boards comprised of approximately 3,000 volunteers who serve as a communication link between members, SECU’s staff and the Board of Directors. Many Loan Review Committee members will combine with existing Advisory Boards and the 46 Member Loan Review Committees will be selected from the combined group of volunteers. Six Member Loan Review Committee members per District will serve a dual volunteer role and receive additional training for Member Loan Review Committee duties.
“The expansion to the Member Loan Review Committee will allow SECU to place more emphasis on local loan review and decision making in the member loan review process. As a member-owned cooperative, SECU knows that volunteer participation is critical to better serve all members. The Credit Union is fortunate to have such dedicated and knowledgeable volunteer advocates and their role in the peer loan review process is invaluable,” said Jerry Harmon, SECU’s Chief Lending Officer.
About SECU
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for over 76 years. With nearly 1.9 million members, SECU provides services through 253 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.