WEST PALM BEACH, Fla. – Credit Union Times' just completed voting poll on thrift conversions shows there's not much middle ground when it comes to member voting requirements in thrift conversions. Currently credit unions seeking to convert to a thrift charter need only a majority of those members voting to approve the conversion. So far CU conversion votes have been plagued by weak voter turnout, thus leaving a very low percentage of members making a major decision for the entire membership. The new credit union regulatory bill introduced recently requires that at least 20% of members participate in the vote in order for a vote to be valid. Credit Union Times wanted to know how people felt about this issue. The following is the voting poll question and results. "Do you think there should be a minimum required percentage of members voting to approve a conversion for a credit union to a mutual savings bank. If so, what's the right percentage?" * No, I think current set-up is fine

33.14% * Yes, at least 20%

4.86% * Yes, at least 30%

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.