A March 27 article on CUTimes.com ("Citing HAR-CO Conversion, Maryland Bankers Assail Credit Union Mergers") suggests that conversion is an option to merger and nontaxed credit unions should stop taking advantage of their status and follow the HAR-CO model. 

Kathleen Murphy of the Maryland Bankers association sites the merger between SECU of Maryland and Anne Arundel County FCU as the poster child of the abuse of tax status of credit unions in this matter.

She is wrong. The merging and converting boards of credit unions may not have done their due diligence when it comes to both of the recommended decisions to merge or convert. There is a tremendous franchise value that boards consistently ignore when it comes to their determination and recommendation to membership about their best interests. Members deserve a third option, and it should be also put to the vote prior to any decision to merge or convert.