If the roughly 73,000 members of Technology Credit Union, a $1.5 billion institution headquartered in San Jose, Calif., vote to convert to a mutual bank charter, they will likely find their increased expenses not restricted to taxes alone, according to CUNA Chief Economist Bill Hampel.
Technology CU posted a notice to its members about a potential charter change earlier in October and has scheduled a board vote on Nov. 2 to formally consider making an application. In order for the CU to change charters, a majority of members voting would have to approve it. Technology has not returned calls for comment on the potential charter change.
At first, it could appear Technology would save money by leaving the credit union charter behind, Hampel noted.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
