Fintech companies are now one step closer to having the means to apply for special purpose national bank charters.
Former state official says a California chartered credit union has never converted to a bank.
Industry observers point to credit unions buying banks, note that Boston conversion involves unique state charter.
Regulatory hurdles remain after Boston credit union's members approve change to co-operative bank charter.
It's tempting to attempt to predict how many credit unions might try to jump to a bank charter in 2013. But that is hard to say. It's easier to observe some trends that came to the fore in 2012 and are likely to continue next year.
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.
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.