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A Look Around: From Cheerleaders to Cheap Votes

With the long (but too short) holiday season over, there has been a lot to catch up on in the credit union world. Here's a look around the industry:

By Staff Writer | Updated on January 09, 2007

With the long (but too short) holiday season over, there has been a lot to catch up on in the credit union world. Here’s a look around the industry:

o Every vote counts. Talk about close. The conversion of Lafayette FCU to a bank passed by the slimmest of margins–2,555 to 2,537. It is a shame that this credit union’s charter was changed over a measly 18 votes, especially given some of the foul play allegations made by some members (see related story, page 1). Interestingly, with just approximately 16,000 members this credit union would have met the 20% participation requirement that the credit union trades are seeking in the Credit Union Regulatory Improvements Act. Insiders say the credit union lobbied hard and quietly with its smaller SEGs because it was fighting a losing battle with bigger SEGs like the SBA and USAID.

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