NCUA Clears DFCU ConversionBallots
ALEXANDRIA, Va. - (03/02/06) NCUA notified DFCU Financial onWednesday it has approved its member disclosures and mail ballots,giving the go-ahead to commence the voting on the biggest creditunion conversions ever to mutual savings bank. But the agencystrongly recommended that before commencing the balloting procedurethat the $1.8 billion credit union have its supervisory committeeresolve a member complaint lodged with NCUA over last monthsannual meeting and the procedures at the meeting where a majorityof members expressed their opposition to the conversion in a voicevote. The member complaint was lodged by Linda Malec, the formerchairman of the board of the Dearborn, Mich., credit union. Underthe conversion process, DFCU must now mail a uniform disclosureform, which includes a ballot, to all of its 165,000 members inthree different batches, at 30, 60 and 90 days.