Directors at Failed CU Convert Lafayette FCU See the Writing on the Wall

KENSINGTON, Md. – Lafayette FCU reported that two of its nine directors, who face a recall initiative over their failed attempt to convert the credit union to a mutual savings bank, have resigned from the board. The directors, who were up for reelection this spring, LeAnn Oliver and Drew Luten, represented the credit union’s two main sponsors, the U.S. Small Business Administration and the U.S. Agency for International Development. Members angry over the ill-fated bank conversion are petitioning for a special meeting where they hope to recall the entire board. Under the credit union’s bylaws the directors could be removed by a majority vote at a special meeting, which is expected to draw a small portion of the credit union’s 16,000 members.