KENSINGTON, Md. -- Members of Lafayette Federal Credit Union fighting the $332 million CU's proposed charter change to a mutual bank collected signatures on a petition requesting a special meeting at which board members could be recalled at its Cabin John branch last week.
The members launched their petition drive after they said the CU leadership declined to be forthcoming and transparent about its motives and the paperwork associated with the charter change. The CU has countered that it has offered to let members see the documents, but only after they signed a nondisclosure agreement.
The branch, which is located in the fairly wealthy community of Potomac, had between 40 and 50 members coming in that morning, according to Adam Schwartz, vice president of public relations for the National Cooperative Business Association, who was there witnessing the signature gathering.
About 20 members signed the petition, Schwartz said, and the rest took information about it, including flyers with the Web site where members can find out more about opposing the charter change.
"The overwhelming sentiment the members who were asking for signatures heard was against the conversion," Schwartz reported. "The members who did not sign cited reasons like not wanting to sign it without having more time to read it."
Unlike other credit unions where similar signature collection has gone on, no one from the CU came out and tried to interfere with the signature gatherers, Schwartz said. --email@example.com