ALEXANDRIA, Va. — In its most recent filing in its lawsuit against the NCUA, the Coalition for Credit Union Charter Options, a banker led group that advocates for credit unions changing to bank charters, still does not reveal how many members it has but claims that it has members in 12 states.
The revelation came in a statement included in the filing by Lee Bettis, the Coalition's executive director. In his statement, Bettis said that the Coalition's member credit unions are between $50 million and $1 billion and that some of the Coalition's members are "actively considering converting from federally insured credit unions to mutual savings banks."
Bettis also claimed the agency's regulations have hiked the cost of converting charters, claiming that the cost for a roughly $260 million asset credit union to convert prior to the agency's regulatory change in 2004 was $325,000 and that a $113 million asset CU that converted under the most recent regulations had to spend $531,000.
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The question of expense is important because the Coalition need to convince the court that its members suffer real harm from the NCUA regulations in order to have standing to bring the suit.
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