DENVER – Credit union boards would have the option of requiring a super-majority of members in order to approve a conversion to mutual savings bank, under new bylaw amendments approved by the state regulator. Under the new bylaw, available to all state chartered credit unions, a board could choose between requiring a simple majority of members approve the conversion, or a much tougher two-thirds majority. The Department of Regulatory Agencies also approved a bylaw that will also help credit unions defend against hostile takeovers, like the one proposed by Wings Financial FCU of Continental FCU, which was eventually abandoned.
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