KENSINGTON, Md. – Angry members of Lafayette FCU said they have collected enough member signatures on a petition to force a vote on recall of the entire board of directors, which was forced last week to withdraw its bid to convert to a savings bank. Scott Stiens, who helped lead the fight against the bank quest, said member support for the board recall has grown in the days since the credit union announced it was withdrawing its application to convert charters, helping them to easily exceed the 750 signatures required for a special meeting. “We want to make sure we have more because we know they’re going to challenge some of them,” Stiens told The Credit Union Journal, of the Lafayette management and board who are fighting for their survival. Lafayette bylaws require the board to call a special meeting within 30 days of receiving a request by 750 members or more. Stiens said members angry over the failed bank conversion plan to field their own slate for the board so that they could immediately be seated if the current board is ousted at a special meeting. In one recent case, directors at DFCU Financial skirted a special vote on their recall by claiming their ouster would leave the credit union critically without leadership after that credit union’s ill-fated conversion to bank. That ploy has succeeded in holding off angry members of that $2 billion credit union through challenges in both the federal and state courts, so far. Stiens also said Lafayette members would insist that the special meeting be held in a location convenient for members, rather the remote site where the special meeting culminating the vote to convert was held.
-
The top five banks and thrifts have combined total assets of nearly $13 trillion.
Just now -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
54m ago -
Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
2h ago -
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
4h ago -
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
5h ago -
In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
6h ago