Technology CU Conversion Opposition Gets Organized
Two Technology Credit Union members have joined forces to fight the potential coversion to a bank charter.
Carlos Rodriguez and Robert Marinace announced July 18 the creation of “Save TCU,” a group to organize other members opposed to the move.
Each of the executives came from an exclusively or predominantly bank background, and the credit union has postings up for an additional wealth management/private banking manager and a chief compliance officer that would have an orientation toward bank regulations, including recommending and monitoring programs to “ensure the company meets the needs of the community and attains Community Reinvestment Act compliance goals.”
The Community Reinvestment Act regulations are exclusively aimed at banks, except in Massachusetts, which has a state CRA regulation that includes credit unions.