WEST PALM BEACH, Fla. - According to respondents of Credit Union Times' just expired voting poll, NCUA was too strict in throwing out Community CU's charter conversion vote over improper folding of the disclosure documents. In overwhelming fashion, almost 80% said the agency was too strict, while 17% said they weren't. But NCUA maintains its actions are not merely about how a piece of paper was folded, but changed when members saw NCUA's boxed disclosure, which by regulation should come first. NCUA allowed Community to include a Dear Member letter in its disclosure, which it did not have to do. NCUA maintains that it allowed that letter only if NCUA's boxed disclosure would be the next thing members saw, but Community put its rebuttal to NCUA's disclosure first. Community maintains it followed NCUA's regulations. It's worth noting that once Community CU changed the ballots to what NCUA mandated, just over half of those voting shot down the conversion, a big change from the earlier voting where members overwhelmingly approved the conversion. The voting poll question and results are as follows: Is NCUA being too strict in forcing Community CU and OmniAmerican to restart the conversion process due to improper folding of the member disclosure documents? * Yes................79.8% * No................17.08% * Not Sure......3.11% Total votes:.....1317
Voting Poll Results: NCUA Came Down too Hard on Community for Disclosure Violation
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