A San Jose, California newspaper and several members of the69,000 member, $1.6 billion Technology Credit Union have raised questions about thecredit union's recent hiring, suggesting that the credit union ishiring bank executives well in advance of actually changing itscharter. Technology is headquartered in San Jose.

According to the San Jose Business Journal, the creditunion has hired executives to head up a commercial lending divisionand a wealth management/private banking division, as well as a newchief credit officer.

Each of the executives came from an exclusively or predominantlybank background and the credit union has postings up for anadditional wealth management/private banking manager and a chiefcompliance officer that would have an orientation toward bankregulations, including recommending and monitoring programs to“ensure the Company meets the needs of the community and attainsCommunity Reinvestment Act (CRA) compliance goals.”

The Community Reinvestment Act regulations are exclusively aimedat banks except for Massachusetts which has a state CRA regulationthat includes credit unions.

Technology has not yet responded to requests for comment on thehiring.

“I think this hiring spree raises important questions formembers,” said Robert Marinace, a long-time Technology member who hasbegun publicly opposing the credit union's proposal to change froma credit union to bank charter. “What do they know about the votethat we do not that makes them so confident they will win that theyhave no problem hiring executives? Who will pay for any goldenparachutes if the vote does not go their way and the new hires haveto be let go,” he added.