SALT LAKE CITY, Utah & ODESSA, Texas — For the first time ever, members of two credit unions whose leaders want to convert to mutual banks have the chance to weigh arguments both for and against the possible change.

Beginning in early January and stretching into next week, the members of the $187 million Beehive Credit Union, headquartered in Salt Lake City and the $114 million First Basin Credit Union, received or will receive letters from member groups opposed to the conversion urging them to vote no.

Under the NCUA's most recent revision of the rules governing the conversion process, members opposed to the conversion have been given the opportunity to make their opposition and reasons for it known to other members. In addition, also under the new rules, the members have a chance to carefully consider their decisions as ballots in both contests will not be delivered until later this month.

“As a bank, First Basin would lose its current tax exemption, one source of our good rates,” argue the members of SaveFirstBasin in a letter which will go out to members in both English and Spanish next week. “Our analysis shows that First Basin would have to grow more in the next year than it's grown in the past five years to simply off-set these new tax costs. This does not include the half million-dollar cost of proposing this conversion (This proposal cost us $25 per member!).”