Members To Vote Community CUConversion
RICHARDSON, Texas - (06/20/05) -- Members of Community CU are widelyexpected to vote approval of the credit union giant's conversion tomutual savings bank at Tuesday's special meeting--setting up ashowdown with NCUA, which has asserted it won't certify the vote.Just days before the special meeting, to be held at RichardsonCivic Center in suburban Dallas, the $1.4-billion credit union--thebiggest ever to seek the controversial charter switch--has alreadyreceived tens of thousands of votes and will complete the votetally at the meeting. But even if the vote is to approve theconversion NCUA has ruled the three-step mail ballot was inviolation of the agency's rules and regulations and will not becertified, as required for the charter switch to be completed. Thatleaves open the likelihood the dispute will end up in court.Officials expect a large turnout for the landmark meeting, whichwill be boosted by a random drawing for more than $20,000 in cashprizes. "We don't really know what to expect, but certainly thismeeting has been more widely publicized than any other meetingwe've ever had," Michael Hord, general counsel for the credit uniongiant, told The Credit Union Journal.