Community CU Now Waiting ForNCUA

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PLANO, Texas - (06/24/05) -- The head of Community CU saidThursday he hopes the overwhelming member vote in favor ofconverting to a mutual savings bank will pass muster with all ofthe necessary regulatory agencies and help convince NCUA to changeits position on the controversial ballot. "As far as our roles areconcerned, we do feel that we have done everything that beenrequired of us," Gary Base, president and CEO of the $1.4 billioninstitution, told The Credit Union Journal. "We would hope, as wepresent 71% of our members having approved this; we would hope hatthe agency would approve it as in the best interests of thoseconcerned." Base said the 71% vote of 36,000 votingmembers--perhaps the greatest number of credit union members toevery vote on a single matter--will help sway NCUA, which has stoodby its position that it won't certify the ballot because of atechnical violation of the agency's rules. Base, who expects theballot to be approved by the Texas CU Department and federal Officeof Thrift Supervision, said they will wait to see what NCUA rulesbefore deciding their next course of action. "Our choice is to moveforward and to get the approval of the agency and that's wherewe're focused," he said.

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