In Wake Of Blaze, R.I. CU Backs Prevention
COVENTRY, R.I.-Coventry CU is helping to raise money for the local Red Cross' fire prevention program in the wake of the nightclub fire that killed 97 people here. The 29,000-member CU wanted to do something more lasting in the aftermath of the lethal blaze at The Station during a Great White concert, and is focusing its efforts on fire prevention efforts, according to Miriam Plitt, director of marketing. "This is a long-term education program. We decided to raise money for it as a result of this horrible tragedy," Plitt told The Credit Union Journal. "We wanted to do something that could really make a difference and have a huge impact on the state, something that will help prevent something like this from ever happening again in Rhode Island." CCU is collecting money for the fire prevention program in all of its branches.
Court Rules Regulator Can't Block Conversion
BOSTON-A state court ruled this week that the Massachusetts Division of Banking acted beyond its authority last year when it tried to stop Postal Community CU from converting to a mutual savings bank and voided the regulatory order.
The ruling by Suffolk Superior Court gives the $140- million credit union, formerly known as Boston Post Office Employees CU, the go-ahead to pursue its plan to convert to a federal charter, then to a mutual thrift. The credit union had been under a rare order by the banking commissioner to cease all efforts and discussions aimed at converting because Massachusetts law does not provide for credit unions to convert to savings banks.