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The board of directors of $1.5 billion Technology Credit Union has written the CU’s  74,000 members that they may be better served by converting the credit union to a bank.

In a letter posted Oct. 3 on the CU’s website, the board of the San Jose, Calif.-based credit union laid out its reasons for considering the option and invited member comments before making a final decision at a meeting slated for Nov. 2. Under current NCUA regulations, the letter and the invitation for member comment are considered the first step in the agency’s charter change process.

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