Tech CU Members Plan Rally Today Against Planned Conversion
Members of the roughly 70,000-member, $1.6 billion Technology Credit Union who oppose the credit union's proposed shift to a mutual bank charter will rally in front of the credit union's San Jose, Calif., headquarters today.
The rally, which is scheduled at 11 a.m. PDT will be supplemented by a phone campaign through which members who also oppose the charter change will call the credit union to express their opposition, organizers said.
Event organizers have a permit for the rally in front of the headquarters and another for an additional possible rally on Thursday in front of one of the branches.
"It's easy to see how this could be the first in a long line of dominos if this proposal succeeds," says Carlos Rodriguez, a Tech CU member and event organizer. "Tech CU is a healthy credit union that's doing well. There is no need to convert to a bank or no real benefit to members except for the small few who will profit."
Robert Marinace, a member since 1978, adds: "If I wanted to be part of a bank, I would go to a bank."
Other credit union members have voiced their opposition on Facebook and on a website launched in opposition.
One member, for example, said his father was the first CEO of the credit union when it was Technology Federal Credit Union. Daniel Maydeck said he was shocked when he learned of the proposal and how it would go against why the credit union was formed in the first place.
Credit union members will vote on the conversion beginning this week. A special meeting of the members has been called for Sept. 12 where members also can vote in person.