Board Recall Unveiled at Failed Convert Lafayette FCU

WASHINGTON – A group pf members angry over the failed attempted to convert Lafayette FCU to mutual savings bank plans to unveil its petition today to recall the board for its support of the initiative. They plan to present a petition signed by 800 members asking for a special meeting where they hope to vote to remove the directors responsible for the ill-fated conversion. Credit union bylaws say the credit union is required to call a special meeting of members upon receipt of a petition signed by at least 750 members. The group plans to present its petition at the credit union’s branch in the Ronald Reagan Building in downtown Washington. Members of the $325 million credit union narrowly approved conversion to mutual savings bank during a 90-day ballot but the credit union withdrew the vote after questions of impropriety arose.