COLORADO SPRINGS, Colo.– CO-OP Financial Services, which has been emphasizing its strong ties to credit unions, has taken steps to ensure only credit unions have a say in how the electronic funds transfer network is managed by barring credit unions that convert to mutual savings bank from earning patronage dividends or voting. The action, taken last week during the annual meeting here of the credit union-owned network, will also require any mutual savings bank that converts to commercial bank, form participating in the network. Dave Maus, chairman of CO-OP and president of Public Service CU, said there has been a lot of rhetoric and concern about the ideals of credit unions and that those principles must remain strong.
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