New Voting Poll: Will Texas Case Pave the way for More Conversions?
WEST PALM BEACH, Fla. - Community CU and OmniAmerican CU are cleared to continue their conversion push. NCUA recently said that it will settle on the balloting issue, which paves the way for the two billion dollar Texas-based credit unions to convert to banks. This conversion saga has caught the eyes of lawmakers, including one, Patrick McHenry (R-N.C,) who through legislation is trying to limit NCUA's authority in CU-to-bank conversions. On the other side, many credit unions still believe greed is a conversion motive and some are even attempting to change their bylaws to deter future conversion. There could be all sorts of fallout from the battle between NCUA and these two credit unions. This brings us to Credit Union Times' latest voting poll. What do you think is most likely to happen because of the NCUA/Community/OmniAmerican conversion battle? * It will lead to more CU-to-bank conversions, * It will force NCUA to tighten up its conversion regulations, * More credit unions will pass bylaws to try and deter future boards from converting, * Credit union leagues and associations will become more active in informing members about the ramifications of converting to a bank, * All of the above, * None of the above.