Technology CU members will determine what they want in their CU's future; Bank of America has fiduciary duty to recoup interchange losses.
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.
There would appear to be disproportionate anguish in some credit union circles about the recent announcement that Technology Credit Union is considering changing its charter to that of a mutual savings bank.
San Jose CU says change would enable expansion of more profitable commercial lending business.
If more credit unions leave the NCUSIF, can the NCUA take steps to minimize the impact on those that remain?
Inspector General report says loan losses, investment concentrations doomed liquidated CU.
Hearing shows credit unions and banks still far apart on member business lending.
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.
The American Bankers' Association has suggested some credit unions should be forced to become banks.