I am writing this letter to correct the erroneous reporting on our credit union's conversion to a Federal Charter (CU Times 9/24/03). The article states that our credit union converted to a federal charter to avoid being audited by the Internal Revenue Service for Unrelated Business Income Tax. This statement is false; our conversion to a federal charter does not avoid an audit for the period of time our credit union was under a state charter. Statements made in the article mischaracterize the process that our credit union undergoes when pursuing any strategic initiative. A decision of this magnitude is always a carefully considered and thoroughly evaluated progression closely coordinated between the board and management. The reason(s) for this or any other change in the credit union's strategic direction are internal and not publicly disseminated. Accordingly, we were dismayed by the assertions made in the article. In particular, and contrary to the article, our conversion went very smoothly, the assumed "turbulence" or "confusion" among the members simply did not exist. We are disappointed with the tenor of this article and trust that we have set the record straight. Raymond F. Dowling CLE CCE President/CEO Stamford FCU Stamford, Conn.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.