According to local news reports, Monterey Credit Union's mutual bank conversion effort is merely the first step.
Regulators don't have a charter conversion application from the $209 million credit union, which sent ballots to members in May.
The $209 million California credit union cites limits on business lending as its reason to leave the credit union fold.
As written, the NCUA's risk-based capital rule tilts the playing field toward banks.
Special meeting date falls 13 months after Boston-area credit union first announced its intentions.
Results dismissed by executive of the California credit union in the wake of the quashed bid to become a bank.
The Massachusetts Division of Banks provided new legal detail Thursday on the notice by HarborOne CU on its plans to convert to a mutual savings bank this fall.