Credit Union Times is reporting that Thrivent Financial Bank plans to switch to a credit union charter.
According to the article, Thrivent Financial Bank reconsidered its business model because of the costly new regulatory demands of Dodd Frank Act on a insurance company that owns a bank and the introduction of the Federal Reserve as a regulator.
The change in charter still requires the final approval of the Thrivent's board of directors and from various regulatory agencies.
ABA supports charter choice and believes that the board and management know what is in the best interest of its financial institution and customers.
Read the Credit Union Times article.
Refreshing - the trade association respects the organization and their right to choose the best charter for their business. CUNA should do the same.
ReplyDeleteDON'T DO IT. Thrivent Financial is going from the frying pan into the fire. If they think the NCUA is a better deal with a better federal regulator they are in for a huge surprise. The grass looks greener on the other side. But wait til they see what it is being fertilized with!
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