Lafayette FCU Guards Running Vote Tally in Conversion to Bank

WASHINGTON – Management of Lafayette FCU have refused to share with members a running vote count on the conversion to mutual savings bank they have been monitoring throughout the 90-day ballot, even though NCUA says they can make that information available to members, too. The running tally is being used by management to gauge whether they need to campaign more or focus on certain select groups to win their bid to switch the $330 million credit union to a bank. Michael Herne, CEO of Lafayette, backed out of a meeting with members yesterday at the last minute, after it became clear the vote tally and other critical issues related to the conversion would be discussed. But opponents of the conversion, who organized yesterday’s meeting, said they are confident that the controversial conversion could be voted down. “The people we solicit invariably say they voted no. In fact, nine out of 10 people we’ve asked said no,” said Scott Stiens, a credit union member, told The Credit Union Journal, of their petition drive to recall directors, in light of the conversion.