NCUA to Lafayette FCU: Not So Fast

ALEXANDRIA, Va. – NCUA told Lafayette FCU it won’t be able to fully certify the controversial vote to convert the $330 million credit union to a bank by Tuesday, the credit union’s self-imposed deadline. NCUA rules require the agency to make a determination on a conversion vote within 10 calendar days after the vote has been submitted. But because the vote was submitted on the Friday before Christmas, NCUA had fewer than four working days to review the ballot, even while many agency staffers were taking year-end vacation and leave days. And NCUA attorneys are also reviewing complaints by members over the vote, believed to be the closest ever for a conversion to bank. Lafayette officials still refuse to share the vote count–even with members–more than two weeks after culmination of the 90-day ballot.