WASHINGTON — The deadline by which the Office of Thrift Supervision was to have approved the application of the $1.2 billion Think Federal Credit Union to have changed its charter to that of a mutual bank has passed.
The agency had set the decision due date, which it describes as the earliest date by which a decision on the application could be made as May 12, a Saturday. Were it to have been made, the approval would have been reflected on the agency's Web site on May 14.
The credit union's members voted 51% to 49% to switch to a mutual bank charter on Mar. 14.
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In the past, other credit unions that have sought to change charters have faced regulatory delays from the OTS. Sunshine State, a credit union in Florida, had to apply and go through the conversion procedure twice before its application was approved, and a former official with Lafayette Federal Credit Union said the credit union had been advised by the agency to withdraw its application and reapply when it had resolved some ongoing problems.
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