Two members of the 69,000-member Technology Credit Union havenotified the credit union that they will assert their right underthe NCUA's charter conversion procedures to have the credit unionemail their arguments against the proposed conversion to othermembers.

The board of directors of the $1.6 billion credit union notifiedmembers that it was considering changing its charter in October 2011 to that of a bank and members received their firstdisclosures in June.

Under NCUA regulations, members of a credit union considering acharter conversion have 35 days from the date of the firstdisclosure mailing to send the materials they want emailed, alongwith a payment of $200 per mailing, to the credit union.

The San Jose, Calif., credit union's first disclosure mailingwas dated June 14 which means the deadline for emailed contentwould be July 19.

The credit union may refuse to mail the materials on a varietyof grounds, including if they “[a]re false or misleading withrespect to any material fact” or “[o]mit a material fact necessaryto make the statements in the material not false or misleading” or“[d]irectly or indirectly and without expressed factual foundationmake statements impugning the stability and soundness of the creditunion,” among others.

But if the credit union refuses the materials, it has to forwardthem to NCUA's regional director for review and modification, withthe consent of the mailing member, and then must email them.

Carlos Rodriguez, who describes himself as an entrepreneur and aformer credit union employee, is one of the members who plans toassert this right, along with Robert Marinace, who said he islongtime Tech Credit Union member who also opposes the conversionattempt.

Rodriguez has launched a Facebook page opposing the conversion.

The credit union has not returned calls for comment about eitherthe Facebook page or the members' intention to send email opposingthe conversion to other members.