Friday, September 21, 2012

Technology CU to Remain a Credit Union

An overwhelming majority of Technology Credit Union’s members who voted opposed the credit union’s plan to switch to a mutual savings institution charter.

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.
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3 comments:

  1. AnonymousSeptember 21, 2012 at 2:10 PM

    Only 18% of total customers acted to oppose but actually stopped this conversion, even though 82% did not. Does not sound like the cooperative democracy that they say justifies the tax exemption. The 82% were ok with paying taxes.

    ReplyDelete
  2. AnonymousSeptember 22, 2012 at 1:23 AM

    Sounds like the members would rather be a credit union than a bank. I think the current image of banks had something to do with it. Why would a CU member what to be a bank. Answer is easy! Better rates and lower fees.

    ReplyDelete
  3. AnonymousSeptember 23, 2012 at 9:33 AM

    Not as easy as you think, unless you believe Cuna propaganda. Banks provide plenty of value or we wouldn't be stuck on what 6-7% market share forever and despite bank transfer day.
    The real question is why would a credit union stay a credit union and be regulated by NCUA.
    Wait til they have to start closing all these camel 4 and 5 credit unions and paying back treasury and NCUA notes to investors.
    "oh the assessments we will pay". Wait til congress decides to make us pay taxes cause we look like banks. Then we will want to leave but we will be trapped by NCUA conversion rules, just ask Tech.
    NCUA had help. Who decided for all of us that we should not be allowed to change our charter because that one member wasn't really a member but was allowed to send emails to tech members!!! Trapped in California

    ReplyDelete

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