Members Seek NCUA Rejection of Lafayette FCU Vote

KENSINGTON, Md. – Members of Lafayette FCU have filed complaints with NCUA asking the federal regulator not to certify a ballot converting the credit union to mutual savings bank. A letter signed by seven Lafayette members claims that the credit union’s board “tainted ballots through unauthorized collection practices,” violated credit union bylaws and made statements during the 90-day balloting that are misleading, inaccurate and incomplete. The members charge that certain statements by the directors “were presented with the intent of misleading members into voting for the conversion who otherwise would have voted against the conversion.” “We’re hoping that they’ll (NCUA) look into the actual voting procedures,” Amber Brooks, one of the members signing the letter, told The Credit Union Journal yesterday. Meantime, none of the members has been able to find out the actual vote count on the conversion, which is believed to be the closest yet on a credit union conversion to bank, and the credit union is refusing to disclose the tally. The close vote means that any impropriety detected by NCUA could reverse the result.