VANCOUVER, Wash. - Save CCU, the organization of members of Columbia Credit Union who have been trying to recall the credit union's board, says it is still weighing its options in the wake of the compromise between Washington State Department of Financial Institutions and the credit union. Members formed the group in the wake of the credit union's close vote to change its charter to that of a mutual bank. That compromise entailed the credit union agreeing to make some changes as to how it will administer an upcoming scheduled board vote in exchange for DFI not moving forward to enforce the group's petition for a special meeting. Between 45 and 50 people attended the Save CCU meeting on January 9 and Steve Straub, a key Save CCU supporter and former CEO of the credit union said that the mood was primarily one of frustration and a feeling of being stunned. "These are people who expect that the rules and laws mean something and that when you follow the rules you should be able to expect results," Straub noted. `They don't understand how DFI could just abandon its responsibility to guard their rights and make sure the Board obeyed the law," he added.
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From the February-18, 2004 issue of Credit Union Times Magazine • Subscribe!
Save CCU Still Evaluating Its Options
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