WICHITA, Kan. — The restrictive and banker-sponsored field of membership bill, up for a favorable vote in the Kansas House today, has long generated thoughts of Utah-type conversions to federal charters, CEOs of Kansas CUs said Thursday.

“Taken by itself, I'm not sure that would push me over but of course when you take a look at the department's changes on the IRS 990 report, then I consider it another arrow taken away from the state charter,” commented James Holt, president/CEO of the $125 million Mid American Credit Union, here making reference to UBIT and policy pronouncements by the Kansas Department of Credit Unions.

Holt, the former president/CEO of the Colorado/Wyoming Credit Union League and whose CU is one of nine identified as most directly affected once the FOM/merger bill is enacted possibly in weeks, said many of his peers are in a wait-and-see mode to gauge what kind of rules are adopted in implementation of the law which he described as a “very unfriendly blow to consumers.”