New Voting Poll: Should CUs that Convert to Banks Be Allowed to Remain in Shared Branching Networks?
WEST PALM BEACH, Fla. - Once a credit union always a credit union? Not likely. Like it or not, there are a couple of very large CUs in the pipeline to convert to banks - namely in Texas with Community Credit Union and OmniAmerican FCU. There are a plethora of issues, many emotional such as directors getting paid, in such conversions. One business issue that has to be decided by the credit union industry is whether these former CUs should be allowed to continue participating in credit union shared branching networks. It may seem like a no-brainer for many that the former CUs should be immediately kicked out of the network. That's exactly what happened to Community CU. But not all agree. Some believe because more participants mean more outlets, the network should keep the former CUs because ultimately it results in enhanced member convenience. This is the subject of the latest Credit Union Times online voting poll. The question is as follows: Should credit unions that have converted to banks be allowed to remain as participants of credit union shared branching networks? * No * es * Not Sure