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.
I recently received an email from a group of Washington lawyers who ply various trades of a legal nature, including trying to convince credit unions that switching to a mutual charter (with the not-so-subtle understanding of a later move to stock) would be a great idea.
Bethpage FCU CEO Kirk Kordeleski says new accounts mean new income for his credit union.
GFA FCU CEO said her credit union is showing by example that credit unions can work with community banks as it moves toward purchase of a New Hampshire mutual.
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 conversion specialist said he sees more ready to make the switch.
Credit unions are financial pillars of their respective communities. They are small businesses. Many credit unions serve small businesses and are looking for ways to start or beef up business lending programs.
Get together and use social media, flash mob idea to support member businesses and the members they support.