An analysis conducted by CUNA Chief Economist Bill Hampel indicates that the 73,000 member, $1.5 billion Technology Credit Union will face higher costs of deposit insurance if it converts to a bank charter than if it remains a credit union, even with the CU's share of the NCUA's corporate credit union stabilization plan included.
Technology CU posted a notice to its members about a potential charter change earlier in October and has scheduled a board vote on Nov. 2 to formally consider making an application.
In order for the San Jose, Calif., credit union to change charters, a majority of members voting would have to approve it. Technology has not returned calls for comment on the potential charter change.
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