California agency says it will proceed even though statutes are mum on credit union to bank conversions.
Move comes more than a month after members voted for the bank conversion.
The application guide breaks the chartering process into five parts.
The CEO of the nation's second largest credit union and a bank lobbyist join forces.
Ballot package reveals MCU's bank charter plans.
MCU says of the 21% of members who voted, 80% supported the charter conversion.
Private insurance could be an easy way out for credit unions wishing to become banks. But will the FDIC welcome them in?
A 2011 opinion letter says state chartered credit unions could convert through a purchase and assumption transaction.
Those who help credit unions turn into banks say business is picking up.
According to local news reports, Monterey Credit Union's mutual bank conversion effort is merely the first step.