WASHINGTON — According to the Office of Thrift Supervision, nocredit unions have applied to convert to a mutual bank chartersince September of last year.
According to the OTS list, the last application for a creditunion to convert to a federal thrift charter was from BeehiveCredit Union, Salt Lake City, on Sept. 10, 2007. The agency haslisted that a decision is required on the Beehive application by nolater than July 30.
Alan Theriault, CEO of CU Financial Services, attributed theslow pace of applications to uncertain economic times andunauthorized interference from the NCUA in the credit unionconversion process.
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