BOSTON – Two bills impacting the conversion of state chartered credit unions to banks are before the Massachusetts legislators, according to a column in the June 6 Boston Globe.
According to columnist Steven Syre, one of the three bills is backed by the $110 million Postal Community Credit Union, a Boston CU which tried to convert in 2001 only to be rebuffed by the state's financial regulator and the state courts.
The Massachusetts Credit Union League and the state financial regulator back the other two bills.
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Often shy of press coverage, Postal Community CEO William French has claimed that Postal Community needs a charter change to survive as its membership has declined and the state lagged its feet about allowing the CU to expand its field of membership, Syre reported.
NCUA records appear to bear him out on the decline, showing the CU's members dropping from roughly 11,400 to 9,400 in the period between December 2002 and December 2005. But the state also appears to have come through with an expanded field of membership as the records show the pool of available members increasing from 50,000 to three million over the same period.
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