Technology Credit Union Begins Process to Become A Mutual Savings Bank

The Board of Directors of Technology Credit Union have provided notice to its membership that it is considering asking its members to approve a charter change from a credit union to a mutual savings bank.

The $1.5 billion credit union located in San Jose, California listed expanded commercial lending authority, the ability to access sources of capital, and no limitations as to who it can serve as reasons for seeking the change in charter.

Membership of the credit union are being invited by the Board of Directors to provide written comments about the charter change proposal. Comments must be received by October 29. On November 2, the Board will decide whether to move forward with the charter change proposal based upon comments received from the membership.