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.
CEO Jim Blaine says the NCUA's risk-based capital proposal could make a bank charter better for members.
OmniAmerican Bank, which converted from a credit union charter in 2005, attempts to merge into a larger Texas bank.
The members of the $193 million HAR-CO Federal Credit Union have voted to approve the credit union's change to a mutual bank charter, according to an announcement from the CU to its members. The credit union did not returned calls seeking comment on the vote.
Maryland credit union's membership approves charter change.