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.
California Department of Financial Institution regulations are silent on credit union conversions to mutual savings banks.
California league, CUNA CEO's express misgivings about Tech CU proposed conversion to bank.
The $188 million Har-Co Federal Credit Union may take the next step toward changing to a mutual bank charter this evening.
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.
Regulators pulled the plug on a Salt Lake City credit union that had been a candidate to change its charter to that of a mutual bank.
The $145 Beehive Credit Union, headquartered in Salt Lake City, formerly a candidate for a mutual bank charter, is no more.
NCUA's Inspector General believes that the $145 million Beehive Credit Union, headquartered in Salt Lake City, Utah, has failed or will fail, but the state regulator disagrees.