Members Cry Foul at Lafayette FCU

KENSINGTON, Md. – Angry members of Lafayette FCU called on NCUA yesterday reject the vote by members to convert the $330 million to a bank, which passed by a razor-thin 18-vote margin out of almost 5,100 cast. Scott Stien, one of the members opposing the conversion, charged that the 90-day vote was marred by improprieties and misinformation. “There were a ton of irregularities,” Stien told The Credit Union Journal. He said members were told different things as to when the votes must be cast; some members received ballots too late to vote; and that disclosures provided by the credit union to its 16,000 members were incomplete, or, in some cases erroneous. “They were changing the rules as they went along, just to get that edge, which came out to just 18 votes,” he said. Stien and several members have submitted formal complaints to both the credit union’s supervisory committee, and to NCUA, which must certify the vote. NCUA officials confirmed they are investigating the members’ complaints as part of the certification process. Credit union officials did not return phone calls seeking comment.