The proposed buyout by GFA Federal Credit Union of a troubled New Hampshire savings bank continues to generate industry interest but with a pivotal question: Can the credit union and bank clear the legal hurdles with the NCUA, the Comptroller of the Currency and the FDIC.
Suburban Boston credit union, in interview with local newspaper, explains next steps in proposed changeover to bank.
New England FCU CEO John Dwyer just took part in the 2012 version of the Community Depository Institution Advisory Council of the Boston Fed.
Suburban Boston credit union says board gave go ahead Thursday night.
Vote on plan to proceed with conversion to mutual bank was scheduled Wednesday.
When a credit union makes the announcement that it is planning to convert to a bank, it almost always throws the industry into a tizzy.
The proposed conversion of the $1.8 billion HarborOne Credit Union to a mutual bank triggered fresh industry debate last week about the impact and efficacy of conversions as the Brockton, Mass., CU formally tendered its resignation from CUNA and the Massachusetts Credit Union League.
Is conversion bid a sign of things to come? That's one point raised in this look at an article from next week's print edition.
Washington attorney Steve Bisker says the 141,000-member HarborOne is at only 20% of its member business lending cap.
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.