WASHINGTON — Unsurprisingly, the National Cooperative Business Association, an organization on record as opposing CU to bank charter conversions, has urged the NCUA to demand a revote.

“The National Credit Union Administration needs to seriously consider voiding the vote on conversion of Lafayette Federal Credit Union to a mutual savings bank,” said Paul Hazen, NCBA President and CEO.

“Given reported irregularities in the vote, an 18-vote margin–less than one-half of one percent of ballots cast–is simply insufficient to trigger the destruction of one of the oldest credit unions in the Washington area. If nine of 2,555 yes votes had been recorded differently, the proposal would have failed.

“Unless the reported problems with the vote are categorically proven groundless, NCUA needs to throw out the previous vote and order a new one. Any new election needs to be held under the stricter disclosure rules approved by NCUA in December,” he added.