Dissidents Rally at Tech CU
Fifteen members of Technology Credit Union rallied Aug. 15 outside the credit union’s San Jose, Calif., headquarters to show their opposition to the credit union’s proposal to change to a mutual bank charter.
Rally organizers said the event was peaceful and described the credit union as accommodating, allowing them to protest outside the front of the credit union, provided they did not block entry or exit. A credit union employee even offered the protesters bottled water during the event.
The opinion came in a May 13, 2011, letter from Kenneth Sayre-Peterson, acting general counsel for the California Department of Financial Institutions to an unidentified correspondent who had written to lay out this line of reasoning on April 27, 2011, and request an opinion from the regulator.
The department has declined to identify the correspondent or offer additional comment about its opinion.