Ballot Changes Made
DFCU Financial has made several changes to its proposed member ballots in response to concerns expressed by NCUA as it seeks to convert to a bank. Among the changes made by the $1.8-billion credit union are the removal of the word "promptly" when urging members to vote; the removal of references to the member raffle from the ballot; and the inclusion of the word "bank" on the ballot, sources familiar with the ballot told The Credit Union Journal.
In addition, the credit union giant added an explanation on the ballot that after the charter switch the members of the DFCU supervisory committee will be incorporated onto the board of directors. NCUA rejected the ballot earlier because, among other things, it said the ballots suggested that members needed to vote fast (promptly), that it appeared to offer participation in the raffle as part of a "yes" vote, and because it referred to the proposed "mutual savings institution" numerous times but never mentioned the word "bank."
NCUA is expected to respond to the amended ballot in the next week.