One CEO's Plan: WAM!
Credit unions in North Carolina are working on a project called WAM, for "Walk Away a Member," according to Marc Schaefer, Truliant FCU CEO.
"What I want to see, when a credit union converts to a mutual bank charter, is for other credit unions to reach out to those credit union members and say, if you've just lost your member/ownership rights, you can still be a member/owner with us," Schaefer told The Credit Union Journal. Schaefer said he planned to talk with Rep. Patrick McHenry, who during 2005 sought to strip NCUA of its authority over CU conversions, about this issue.
But, for as important as Schaefer said he believes it is for credit unions to lobby their lawmakers, he was unsure just how much of the message would get through this time. "I don't know if lawmakers are really tuned into our issues right now," he said, "They are probably going to be distracted by other issues at this time."