More than six weeks after nearly 3,300 members voted to change the cooperative's charter to a mutual bank, Monterey Credit Union has filed with the California Department of Business Oversight for that conversion.
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.
Ballot package reveals MCU's bank charter plans.
MCU says of the 21% of members who voted, 80% supported the charter conversion.
Former state official says a California chartered credit union has never converted to a bank.
Two credit unions speak out about regulatory consent orders. The action suggests a new public relations trend.
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.