The $1.8 billion HarborOne Credit Union said Monday it receivedthe green light from NCUA and the Massachusetts Division of Banks,clearing two of the three regulatory agency hurdles that wouldallow the 96-year-old Brockton, Mass., credit union to convert intoa mutual co-operative bank charter.
What's more, the credit union said it received notification fromthe FDIC that its application was officially accepted forprocessing. HarborOne must wait for approval for FDIC insurancebefore completing its conversion in what would be perhaps thelargest credit union-to-bank conversion to date.
“HarborOne Credit Union today announced that the NCUA Office ofConsumer Protection has notified HarborOne that it complied withthe procedural requirements of the NCUA's conversion regulations,”reads a statement released by HarborOne CU.
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