Members of Technology Credit Union voted to reject a proposal to convert their institution to a mutual bank.
Fifteen members of Technology Credit Union rallied Aug. 15 outside the credit union’s San Jose, Calif., headquarters to show their opposition to the credit union’s proposal to change to a mutual bank charter.
Already noted for using novel arguments in favor of moving from a credit union to bank charter, the 69,000- member $1.6 billion Technology Credit Union has also introduced a new approach into the question of how member communications in converting credit union should be handled.
Two Technology Credit Union members have joined forces to fight the potential coversion to a bank charter. Carlos Rodriguez and Robert Marinace announced July 18 the creation of “Save TCU,” a group to organize other members opposed to the move.
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 proposed conversion of the $1.8 billion HarborOne Credit Union to a mutual bank triggered fresh industry debate last week about the impact and efficacy of conversions as the Brockton, Mass., CU formally tendered its resignation from CUNA and the Massachusetts Credit Union League.
Now there are two large credit unions, the $1.8 billion HarborOne Credit Union of Brockton, Mass., and the $1.5 billion Technology CU of San Jose, Calif., making plans to convert to mutual bank charters.