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.
The Massachusetts Division of Banks provided new legal detail Thursday on the notice by HarborOne CU on its plans to convert to a mutual savings bank this fall.
One conversion specialist said he sees more ready to make the switch.
Billion-dollar Brockton, Mass., CU posts notice on its website.
MAUI — After the NCUA came out with its board of directors regulation last year, the question arose as to where volunteers’ risk exposure had increased greatly.
I was disappointed that CUNA and NAFCU have taken the position that converting credit unions should pay future corporate stabilization fund assessments. I see this as an exit tax on credit unions. I see it as contrary to the principles of charter choice and free markets. I object to any...
Griffiths Savings Banks begins the new year as a branch of United Federal Credit Union of St. Joseph, Mich.
This online only article accompanies the comprehensive looks at the year gone by in the Dec. 21 Year-in-Review print edition of Credit Union Times.
I enjoyed reading the letter from Robert J Larison, who was the CEO of Atlantic Coast FCU and then converted to a mutual savings bank [Nov. 9 issue, page 10]. His letter reminds me of Flip Wilson's character Geraldine, who always said, “The devil made me do it.”
Credit unions should set aside between 8 and 11 basis points for next year’s assessment to pay for the corporate credit union rescue, NCUA Chairman Debbie Matz advised last week.