A 2011 opinion letter says state chartered credit unions could convert through a purchase and assumption transaction.
Fifteen members of Technology Credit Union rallied Aug. 15 outside the credit union’s San Jose, Calif., headquarters to show their opposition to the credit union’s proposal to change to a mutual bank charter.
Opinion letter from state regulators provides apparent authority for Technology Credit Union to pursue conversion to bank.
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.
Eighteenth century political theorist and philosopher Edmund Burke is credited with being the first to use the idea of "don't bite the hand that feeds you" in print.
In what has become a rare occurrence, a federal credit union in Maryland has taken the what many see as the first step in the process to change to a mutual bank charter.
The board of directors of the $188 million Har-Co Federal Credit Union has asked for members' opinions about whether the CU should convert from a credit union to a mutual bank charter.