ARLINGTON, Va.– A possible departure of Washington Mutual from the ranks of institutions overseen by the U.S. Office of Thrift Supervision may tarnish the appeal of the federal thrift charter, according a leading charter change consultant.

"No doubt the thrift charter right now is taking a real drubbing," commented Alan Theriault, CEO of CU Financial Services, a leading consultant for credit unions seeking to convert to mutual banks. The loss of Washington Mutual may cause further doubts about the role of the thrift charter in the financial system going forward, Theriault observed.

On the other hand, Theriault added that the agency is still functioning and may be even more open to others either launching thrift charters or converting to them.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.