Filene To Examine 'Equitable' Means Of Converting
The Filene Research Institute has commissioned a study on whether there isn't a more equitable means of converting a credit union to a bank, should that occur.
The Filene Research Institute's Bob Hoel said Dr. Jim Wilcox of the University of California-Berkley, and formerly a senior economist and comptroller with a federal regulatory agency, has been asked to examine the issue of conversions from a different perspective.
"We asked him to look to see if you must convert if there isn't a more equitable way for the members for it it to be done," said Hoel, emphasizing that the Filene Research Institute will not be making a policy statement, whatever the findings. "Most conversions have been for the benefit of a few."
One challenge for Wilcox, who is a board member at K-9 Credit Union in California, according to Hoel, is getting at the issue of why a credit union converted. The research is expected to be completed by the end of the year.