The Metro West Chapter of the Michigan league is donating $5,000 to a newly organized group seeking to educate members at credit unions seeking to become banks. The funds are being provided to the National Center for Member Trust.
The chapter also issued a statement saying it supported the position of the league, which has called for far more disclosure of information to members of converting CUs.
"We essentially wanted to lend moral support and encourage our policymakers and league staff to stay the course in the face of adversity," said Anthony Carnarvon, chairman of the chapter and president/CEO of Co-op Services CU, Livonia, Mich., which is near DFCU Financial CU, which is attempting to convert to a bank.
