ARLINGTON, Va. — Between 30 and 40 members of the $332 million Lafayette Federal Credit Union took to the floor at the Dec.16 meeting called as the final part of the credit union's attempt to change its charter to that of a mutual bank.
The members who attended the meeting, which was closed to the press, reported that almost all of those that spoke either questioned or opposed the credit union's move, but that CEO Michael Hearne, who led the meeting, steadfastly declined to answer the questions with anything that could be substantiated.
The CU leadership criticized the members who had opposed the conversion, calling them a "cabal" of "Chicken Littles" from the podium, referring to their concerns about the charter move. The leadership also did not say when the results from the voting might be revealed to members, saying instead that its independent voting firm would tabulate the results, forward them to the CU and that the CU would send them to NCUA.
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The members estimated that between 150 and 200 people attended the meeting and noted that some of the questioners reported having received phone calls from credit union staff that had sought to explain the issue or urge them to vote, but had instead told them to vote for the proposal.
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