Save TCU, the organization of Technology Credit Union membersformed to oppose its conversion to a bank, is surveying membersabout a proposed letter that, among other things, calls for theresignation of the CEO and board chairman.

Roughly 25% of the 69,000-member, $1.6 billion credit union,headquartered in San Jose, Calif., voted 77% to 23% not toconvert last month.

In the proposed letter, the members group said it was bewilderedby what happened at the credit union.

“Instead of acting in the best interest of the members, theboard heeded the advice of high-priced consultants and a managementteam with little credit union experience, isolated directors fromthe membership, convinced each other that you were doing the rightthing, and marched down the path of institutional suicide,” thegroup wrote. “By ignoring the members, you almost destroyed thevery institution which you were elected to represent.”

The group pointed to its members as a contrast to the board,arguing that the members had the best interest of the credit unionat heart:

“We are the 77%. We are the ones who stood up for democracy withthe shared belief that our credit union was worth saving. Somecalled us dissidents, others treated us with contempt, but wepressed on at great personal expense to demonstrate that being amember of Technology Credit Union matters,” the letter said, “andto remind you that as our elected representatives, you have dutiesthat you cannot simply set aside, forget, or subordinate to enhanceyour own personal interests.”

The proposed letter includes 10 points of change upon which thegroup is asking members to voice opinions.

They include the resignations of Technology CEO Barbara Kamm asCEO and from the credit union's board, as well the resignation ofMical Brenzel as board chairman; the convening of a special meetingat which other board members may be recalled and replaced; and thepassage of a resolution blocking another attempt at mutual bankconversion for three years.

The group also sought the introduction of an amendment into thecredit union's bylaws that would require any future proposed mutualbank conversion or “change in business unit” to require anaffirmative vote from 50% of the membership.

Technology's leadership has not replied to a request for commenton the aftermath of the charter change vote.