National Group To Fight CUConversions
WASHINGTON - (03/01/06) -- A group has been formed by severalprominent credit union CEOs that has a primary aim of fundingefforts to fight attempts by credit unions to change to bankcharters. The group, called the National Center for Member Trust,raised more than $250,000 here in a few short hours at CUNA'sGovernment Affairs Conference. The group, formed as a 501(c)4organization, is being led by Bucky Sebastian, president of GTE FCUin Tampa, and Jim Blaine, president of State Employees CU of NorthCarolina. "There are groups out there that are trying to promotethe abandonment of the credit union charter," said Sebastian. "Theyare not acting in the best interests of the American people."Sebastian said the National Center for Member Trust has been intouch with the group called DFCU Owners United, which is fightingthe conversion attempt by DFCU Financial CU in Dearborn, Mich.Sebastian said the groups are working on a targeted media campaign,including letters to members. "You can't expect members tounderstand," said Sebastian. "They have day jobs. They trust theirboards and senior management. Somebody has to tell them thetruth."