WASHINGTON -- The House Financial Services Committee legislative assistants will be getting an earful on credit union to mutual savings bank conversions at a briefing later this week.

The briefing, which is closed to the press, is slated for Friday, May 11 from 2-3:30 p.m. Confirmed presenters will include University of Maryland Professor of Finance Haluk Unal, also a research advisory at the FDIC's Center for Financial Research; GTE Federal Credit Union President/CEO Bucky Sebastian, chairman of the National Center for Member Trust; and conversion consultant Alan Theriault.

An invitation circulated by Congressman Paul Kanjorski's (D-Pa.) office stated, "As you may know, credit union boards of directors are increasingly looking to convert from credit unions to banks...Many credit union leaders find this trend alarming, and a perversion of the credit union's non-profit mission to serve its members. Others believe it is the right of credit unions to convert to a bank in order to better serve members."

CURIA, which was introduced by Kanjorski, includes a provision that would increase the minimum voter participation in credit union to mutual savings bank conversion to 30%, while currently there is no minimum. The bill would also require a special meeting of the membership prior to balloting.