Bottom-Up Requirement Sought For CUConversions

ALVIN, Texas - (08/22/05) -- Bayou Community FCU is seeking a newway to make it more difficult for the credit union to convert tomutual savings bank. NCUA has given the credit union approval tovote on a non-standard bylaw amendment that would require anyproposal to convert to mutual savings bank be initiated by membersat a special meeting, and not by the board of directors and/ormanagement. The non-standard bylaw would help ensure thatconversions are not proposed by those insiders, directors andmanagement, who stand to benefit most from the charter switch,credit union officials said.