DEARBORN, Mich. - (05/10/06) The Board of DCU Financial saidWednesday it wont subject itself to a special meeting toallow members to vote on its recall, saying it would violateprovisions of the Federal CU Act. The $1.8 billion credit unionsaid they believe a recall of the nine directors could violate thelaw by reducing the number of directors below the federallymandated five directors. In addition, although NCUA notified themthe supervisory committee would then serve as the Board in theevent of a recall, there is no statutory authority allowing thesupervisory committee to serve, they said. We also believethat a proposal as extreme as the removal of the entire Board ofDirectors, in addition to being legally invalid, is plainlycontrary to the best interests of DFCUs members, which yourdirectors have the responsibility to protect, the creditunion said. More than 1,700 members of the credit union giant havesigned a petition asking for a special meeting to vote on therecall of the nine directors who voted for the ill-fated conversionof the credit union to mutual savings bank. A congressionalcommittee is scheduled to hold hearings Thursday on the controversybrewing over credit union conversions.
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Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
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The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
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After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
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