WASHINGTON — Another former credit union has notified the U.S. Securities and Exchange Commission that it intends to reorganize itself into a mutual holding company and to issue stock.
Up until May 2003 Sound Community Bank had done business as Credit Union of the Pacific, a state chartered credit union headquartered in Seattle, when it converted its charter to that of a federally chartered mutual savings bank. Since then the former CU has conducted business as a mutual bank with its CEO, Laurie Stewart, becoming an outspoken proponent of credit unions changing their charters to mutual banks.
Stewart has testified before the House of Representative's Financial Services Committee in favor of a bill that would restrict NCUA's authority to regulate the credit union-to-bank charter change process. She also serves on the advisory board of the Coalition For Credit Union Charter Options, a banker led group that advocates in favor of charter conversions and which is suing NCUA to attempt to overturn the agency's regulations.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
