Some places in the U.S. still have vibrant housing markets.
As annual meeting convenes, California credit union says it's awaiting NCUA clearance on disclosure materials.
Now there are two large credit unions, the $1.8 billion HarborOne Credit Union of Brockton, Mass., and the $1.5 billion Technology CU of San Jose, Calif., making plans to convert to mutual bank charters.
One credit union was recently named Utah’s top lender for 2011 by the SBA and two others are turning to the agency’s loans to help more small businesses.
Chuck Bruen’s letter [Oct. 12, page 30] prompted by the announcement of Technology Credit Union’s intention to convert to a thrift charter, made a number of excellent points and should be thoughtfully considered by all credit union executives and trade groups.
If the roughly 73,000 members of Technology Credit Union, a $1.5 billion institution headquartered in San Jose, Calif., vote to convert to a mutual bank charter, they will likely find their increased expenses not restricted to taxes alone, according to CUNA Chief Economist Bill Hampel.
Members would lose access to network if conversion to bank goes through.
CUNA Chief Economist Bill Hampel says his analysis shows that Tech CU would pay more for FDIC coverage than now for NCUSIF.
The board of directors of $1.5 billion Technology Credit Union has written the CU's 74,000 members that they may be better served by converting the credit union to a bank.
When Technology Credit Union posted its announcement that it was exploring a conversion to a mutual savings bank, CUNA and the California Credit Union League made some noise. CUNA CEO Bill Cheney said his organization feels credit unions are the best providers of service to consumers.