According to the credit union's press release, approximately 25 percent of eligible members voted, with nearly 77 percent of those voting against becoming a mutual savings institution.
Technology Credit Union expressed frustration with the regulatory process and rules governing how a credit union can communicate with its members during the conversion process.
Barbara Kamm, President and CEO of Technology Credit Union stated:
“Members at the special meeting voiced frustration, saying we did not make a compelling case for charter change. We, too, are frustrated that we were unable to communicate our views effectively and in the open manner we would have preferred because of the regulatory process and the related rules that govern how credit unions can communicate about charter change with their members.”
Read the press statement from Technology Credit Union.