Don’t let this headline mislead you, whenever a credit union converts to a bank, it is nothing but bad, bad news for credit unions and more importantly the members of the converting credit union. But there is some good coming out of Lafayette FCU’s conversion that’s worth highlighting.

Two members of Congress have publicly questioned the conversion, urged the credit union to give members more time to consider the change, and have called on crystal clear transparency of the process. They even held a rally! This is terrific. It gives credibility to the call for more transparency in conversion attempts. Remember, NCUA has taken serious lumps on past conversions and some members of Congress would like to see NCUA have less power to oversee such conversions. Maybe they need more power?

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