HarborOne Credit Union today announced that the NCUA Office of Consumer Protection has notified HarborOne that it complied with the procedural requirements of the NCUA’s conversion regulations. HarborOne also received notification from the Massachusetts Division of Banks that it finds no reason to disapprove of the methods by which the membership vote was taken and that the vote is approved. Additionally, HarborOne received notification from the FDIC that its application was officially accepted for processing. HarborOne must wait for approval for FDIC insurance before completing its conversion to a Massachusetts co-operative bank.
Now that is one sure fire way to "opt out" of NCUA Corporate Stabilization Assessments. Too bad the NCUA can't impose an exit fee for leaving the credit union community equal to the amount of assessments they would have been subjected to over the course of the next several years.
ReplyDeleteThere was an exit fee. This credit union's members approved the $2 million plus they spent on the NCUA's conversion process.
DeleteExit fee. Good idea.
ReplyDeleteWont happen.
Ncya and cuna (cu not accountable) would have to come clean on corporate losses.
HarborOne. Truly put members first.
Good for them. Hope my board takes the cue.
Ida left long ago.
And if agency did declare an actual total loss due, then we all must pay all of it immediately to comply with GAAP. So, safe harbor for Harbor One.
Delete