HarborOne Credit Union's conversion to a Massachusetts co-operative bank is officially complete.
The credit union will operate under the name HarborOne Bank starting today.
The institution recently received regulatory approval for FDIC insurance and in April the National Credit Union Administration notified HarborOne that it complied with the requirements of the NCUA's conversion regulations.
HarborOne will be with largest co-operative bank in New England, with $1.9 billion in assets.
This is the way it should work. Don't like the CU charter's rules, then change your charter to a bank. Overall CUs are better off when those that are more bank-like become banks. Instead we keep trying to change our rules to be just like banks, except un-taxed ones. Eventually we'll pay the price for that strategy.
ReplyDeleteIt would be nice to think that congress would simply do the right thing and exact a remedy...however, they continue to enjoy taking campaign money from ABA, Iicba, NAFCU and Cuna.....and do nothing for banks or credit unions.
DeleteDefinition of insanity.
And it's insane banks and credit unions keep paying for no progress thru inept trade associations.