Conversion Vote To Proceed At CommunityCU
PLANO, Texas - (05/25/05) -- Officials at Community CU said theyare moving ahead with the member ballot on conversion to mutualsavings bank while they work to resolve a complaint by NCUApurporting to invalidate the landmark conversion vote. "We reallybelieve we've complied with, not only the rules and regulations asthey were written, but the directions given by NCUA," said MarkHord, general counsel for the $1.4 billion credit union, thebiggest ever to seek a bank charter. Since the voting process isinto its second month and is scheduled to culminate at a specialmembers' meeting June 21, Hord said it would be impractical tostart all over again, as NCUA suggested in a letter spelling out atechnical infraction on the ballots, so credit union officials planto proceed with the balloting. "Given our position," he told TheCredit Union Journal, "we think it's appropriate do so." NCUAnotified the credit union in a May 13 letter that the way one ofthe disclosures was folded in the first two of three requiredmailings tainted should invalidate all 225,000 ballots sent out ineach of the mailings.