DFCU Members Plead For Help FromCongress
WASHINGTON - (05/11/06) Disenfranchised members of DFCUFinancial were crying foul Thursday and looking for help fromCongress after the board of the credit union giant decided toignore a petition from almost 1,800 members seeking a specialmeeting to recall the board because of the failed attempt to turnthe $1.8 billion credit union into a bank. Members of DFCU OwnersUnited, the group that spearheaded the rare recall drive, werelamenting the expensive campaign launched by the credit union onbehalf of the targeted directors who voted for the ill-fatedcharter conversion. I want Congress to know that we, thecredit union members, need protection from those boards andmanagements that are not looking after the best interests of themember-owners, Margaret Blohm, one of the leaders of thedissident members group, told The Credit Union Journal.Ive been on the phone to Washington trying to see ifthere is somebody that can help us. Her remarks came afterthe credit union announced it will not honor the memberspetition. The decision surprised the dissident group, which hadbeen watching the credit union spend tens of thousands of dollarsin the last two weeks to prop up the at-risk directors withnewspaper ads, billboards, fliers, a dedicated web site, a soundvan and a catered picnic. Another member of the group said sheexpects the members to challenge the credit unions action incourt, but that decision will wait until members have met todiscuss the latest twist in the controversy. The rejection of themember petition comes as Congress is commencing hearings on theissue of credit union conversions.