The 70,000-member, $1.7 billion Technology Credit Union of San Jose, Calif., has broken new ground in its attempt to convert to a mutual bank charter.
The credit union has downplayed more frequently heard arguments for why its members should vote to discard the credit union charter in favor of a set of unusual contentions that cite Debbie Matz and raise the possibility that the credit union tax exemption may be repealed.
The credit union's board of directors notified members in October 2011 that it was considering proposing the credit union convert to a mutual savings bank. Technology Credit Union's arguments in favor of the move came in the packet of disclosures that the NCUA mandates the credit union send to members in advance of voting on whether or not to make the change.
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