Texas Regulator To Hold Public Hearing OnConversions Today

FARMERS BRANCH, Texas - (08/29/05) The Texas Credit Union Commission willhost a public hearing today on the issue of credit union-to-bankconversions at the Texas league’s headquarters. The hearingcomes as two billion-dollar credit unions in the state, CommunityCredit Union and OmniAmerican Credit Union, move toward mutualsavings bank charters. Some had called for regulators to dosomething, but Texas statutes do not differentiate between thetypes of institution seeking to convert. Texas CU CommissionerHarold Feeney told The Credit Union Journal he anticipatestoday’s meeting will draw a good crowd, but that only betweenfive and 10 people will speak. “We’re just seekinginput from credit unions and members on what they think we shoulddo on the conversion rule,” Feeney said while in Chicago forNASCUS’ annual meeting. “From that we will develop arecommendation for the Credit Union Commission to form apolicy.”