DFCU Financial Adds 'Bank' To ConversionBallots
DEARBORN, Mich. - (02/17/06) -- DFCU Financial has made severalchanges to its proposed member ballots in response to concernsexpressed by NCUA over the biggest credit union conversion yet tomutual savings bank. Among the changes made by the $1.8 billioncredit union are the removal of the word 'promptly' when urgingmembers to vote; the removal of references to the member rafflefrom the ballot; and the inclusion of the word 'bank' on theballot, sources familiar with the ballot told The Credit UnionJournal. In addition, the credit union giant added an explanationon the ballot that after the charter switch the members of the DFCUsupervisory committee will be incorporated onto the board ofdirectors. NCUA rejected the ballot earlier because, among otherthings, it said the ballots suggested that members needed to votefast (promptly), that it appeared to offer participation in theraffle as part of a 'yes' vote; and because it referred to theproposed 'mutual savings institution' numerous times but nevermentioned the word 'bank'. NCUA is expected to respond to theamended ballot in the next two weeks.