Two billion-dollar credit unions are currently seeking to convert to a bank charter. Another, HAR-CO Maryland FCU with a not-insignificant $193 million in assets, is also seeking a conversion. These credit unions, if successful, will necessarily leave the credit union trade associations and the NCUSIF.
Additionally, the $1.6 billion Apple FCU in Virginia announced that it disaffiliated from CUNA; it has not been a NAFCU member for some time. The credit union board is studying its options as far as a possible conversion.
Many have been following the divide between SECU of North Carolina (and the state regulator) with the NCUA. Numerous other executives from large credit unions have expressed similar studies, decisions and frustrations. Some are doing something about them whether behind the scenes or in the spotlight.
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