North Carolina CU League Adopts Conversion Position
GREENSBORO, N.C. - The North Carolina Credit Union League has adopted a position on credit union-to-bank charter conversions that seeks to both defend and improve the credit union charter and to educate members who may face any future credit union-to-bank conversion decision, according to the League. The League arrived at the policy after surveying all of its member credit union CEOs about what stance it should take toward the conversion issue. League CEO John Radebaugh said that CEOs from all the state's largest credit unions responded to the survey and that 60% of the 48% of CEOs who participated overall favored the League taking a two-pronged approach to the topic. "The League also committed to involving itself directly if a N.C. credit union announces it wants to convert to a mutual savings bank," Radebaugh explained. "For any conversion vote to be fair, the principle of `one member, one vote' has to be based on full disclosure and accurate information. The League will be a source of accurate information to uphold the democratic process." Radebaugh said that the League would decide what direct involvement entailed on a case-by-case basis.