Private insurance could be an easy way out for credit unions wishing to become banks. But will the FDIC welcome them in?
A 2011 opinion letter says state chartered credit unions could convert through a purchase and assumption transaction.
Those who help credit unions turn into banks say business is picking up.
The Michigan-based vendor holds steady at 225 credit unions running its CU*BASE core system.
According to local news reports, Monterey Credit Union's mutual bank conversion effort is merely the first step.
Regulators don't have a charter conversion application from the $209 million credit union, which sent ballots to members in May.
The $209 million California credit union cites limits on business lending as its reason to leave the credit union fold.
One converts to Corelation's KeyStone system. Two switching to Symitar systems.
The $5 billion Long Island cooperative will convert from UltraData to Fiserv platform.
A new report from Aite Group predicts online banking conversions will increase.