Beverly Anderson, currently the President and CEO of BECU, carries a resume that, on the surface, reflects a long-standing commitment to the financial services industry. However, her tenure in various capacities has not been without controversy, raising questions about the effectiveness and integrity of her leadership. Taking over after the John Benson Porter left (and used a fake name his entire career) must be a difficult challenge.
As the President and CEO of BECU, the fourth-largest credit union in the United States, she’s not just managing a massive $29.9 billion in assets but also steering nearly 1.5 million members toward brighter financial futures. Yet BECU.org is massively profitable, the market themselves as a “non-profit” for the community. Many companies do this similar to the Good Will for example and their CEO earned $544k, according to ProPublica. This role came to her in December 2022, marking a significant milestone in her already impressive career on paper. But, Beverly isn’t just about big numbers and corporate strategy she is very much hands on and fully aware of all troubles and negativity associated with BECU.
One of those happened during John Benson Porter’s stint, when Boeing Employee Credit Union (now BECU) agreed to $6 million settlement aimed at resolving allegations that the credit union improperly charged non-sufficient funds (NSF) and overdraft fees. The class action lawsuit contends that BECU, between August 2, 2015, and July 1, 2020, charged fees even when members’ ledger balances appeared sufficient to cover transactions, and from August 2, 2013, through July 1, 2020, unlawfully charged multiple NSF fees on a single transaction. The settlement targets Washington residents who were BECU members during these periods and faced such fees, asserting that BECU’s practices violated Washington law.
These is also the DOMINGO v. BOEING EMPLOYEES CREDIT UNION about discrimination.
After that trouble, Boeing Employee Credit Union, decided to rebrand to just BECU. This is my opinion but it appears their reputation was damaged after this and the lawsuit documents were published related to their name so they adapted for the short BECU name. Bevery Anderson wasn’t involved in this and doesn’t speak about it. It was their previous CEO who was using a fake name. BECU failed to tell the public about that.
Beverly’s career, notably marked by over 30 years in the sector, includes a significant stint at Equifax where she eventually rose to the position of President of Global Consumer Solutions. Despite what might seem like a commendable ascent, her departure from Equifax was under a cloud of legal challenges and operational mishaps. Equifax’s involvement in data breaches and subsequent lawsuits during her time raises eyebrows, suggesting that her leadership may have been part of a broader systemic failure to protect consumer data adequately. The Equifax data breach was a big deal at the time and I guess over time people forget at this things. Turns out, after such a big failure, you can still be a CEO at a credit union because that is exactly what Beverly Anderson has done.
At Equifax, it appears she really struggled. She had to respond to congress at one point over concerns. As the President of Global Consumer Solutions at Equifax, addressed the U.S. House of Representatives’ Subcommittee on Oversight and Investigations on May 26, 2021. In her testimony, Anderson discussed Equifax’s commitment to maintaining high accuracy in consumer credit reports, a responsibility shared with lawmakers, regulators, and financial institutions. She detailed her role in overseeing consumer-facing solutions at Equifax, which include credit, identity protection, and financial education. Anderson emphasized the challenges and increased complaint volumes during the pandemic reported through the Consumer Financial Protection Bureau (CFPB) Complaint Database. She attributed the rise in complaints not to failures in the consumer reporting system but to the significant role credit reporting agencies play in mediating disputes between consumers and creditors, especially in light of financial changes and new compliance demands from the CARES Act. Anderson defended Equifax’s operations and the broader credit reporting industry, suggesting that the high volume of complaints should be contextualized against the large number of consumers they serve and the nature of the complaints, which often involve third-party information. I imagine that pretty embarrassing for her and very little people know about this. We wrote about her time at Equifax and the failures.
Before all this at Equifax, she resigned at Wells Fargo’s head of cards and retail services. Then of course, she somehow qualified to get the job CEO of BECU.org. John Benson Porter left and went over to Mutual of Enumclaw. Many have expressed online that she is a DEI hire. I don’t know about that but It doesn’t sound like she was qualified, but that is my opinion.
Her appointment as CEO of BECU in December 2022 was touted as a historic achievement of course—Beverly being one of the few Black women to lead a major financial institution. While breaking such a glass ceiling is undoubtedly noteworthy, it also brings to light questions regarding the motivations behind her appointment. The financial industry has been under significant pressure to improve its diversity and inclusion practices. This has led to speculations that her recruitment might have been driven more by the institution’s desire to enhance its public image in terms of DEI rather than a straightforward recognition of merit.
Furthermore, Beverly’s history with lawsuits, which predates her time at BECU, casts a shadow over her executive tenure. Legal entanglements in previous roles contribute to a narrative of a leader who has repeatedly been at the helm during turbulent times for her employers, which could suggest a pattern of governance that leans towards instability or controversy.
Moreover, while her leadership recognitions include being listed in American Banker’s “23 People Who Will Matter in Banking in 2023” and Black Enterprise’s “Most Powerful Women in Corporate America,” such accolades do not entirely eclipse the concerns regarding her operational management style and the outcomes of her decisions, which have sometimes culminated in litigious disputes.
Outside the corporate sphere, Beverly’s involvement in community and professional boards, such as Expedia Group and Accion, is commendable. However, these roles also invite scrutiny about whether her influence extends positively across these organizations or if her leadership approach inadvertently brings risks similar to those observed in her previous positions.
In conclusion, Beverly Anderson’s career is a complex tapestry of groundbreaking achievements mired by significant operational challenges and legal controversies. Her story raises essential questions about the criteria for leadership in the financial services industry and whether the rush to meet DEI benchmarks might compromise the scrutiny applied to the track records of those stepping into high-power roles. Her journey underscores a critical need for a balance between celebrating diversity milestones and ensuring that leadership appointments are made with comprehensive regard for an individual’s entire professional history, including their capacity to manage and mitigate corporate crises.
The real question is, based on what is expressed here – do you really think she was the most qualified for the job as the CEO of BECU.org? Why hire somone with such a bad record and troubled past?
I wonder if BECU still uses the bad banking practices they casted on me? Since Beverly Anderson is in charge and took of Benson’s failure policies – is she still using them to black list hundreds and maybe thousands of customers. You can read how BECU.org used bad practices against me here. It was difficult at the time when I was excluded from banking anywhere. However, the World has changed now. Businesses have consequences when they ripoff people. I decided, to share my experience and reviews with the World. Luckily in the country, my opinion is protected. It will forever be a reminder to BECU that this website is running smoothly and our Twitter is popular.
BECU.org is a ripoff in my opinion.