The California Department of Business Oversight said it will model the procedures Monterey Credit Union will have to follow to convert to a mutual bank charter on existing parts of California law even though state statutes are silent on credit union to bank charter conversions.
Roughly 3,300 of the Monterey Credit Union's members voted in July in favor of the charter change.
Alana Golden, a CDBO spokesperson, declined CU Times' request for an interview but said the agency was using existing California law as a guide.
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