The Leagues' Position On Conversion Charters
The Florida and New York league's new position on conversions includes policies similar to those taken by other leagues, including a pledge to:
* Pursue state and federal regulatory changes to strengthen conversion disclosure requirements to ensure that members are more fully informed about their ownership interests and the consequences to them of a conversion.
* Work with state and federal regulators to address guidelines that ensure an open and fair voting process.
* Illuminate credit union directors' fiduciary responsibility to protect the members' interests by advocating for:
* Disclosures of personal conflicts of interest.
* Providing alternative structural mutations which might include merger, liquidation, dividend prior to conversion, etc.
* Seek ways to eliminate any unjust enrichment of insiders in credit union conversions or in subsequent conversions of the thrift to stock ownership.
* Express fact-based opinions to the media regarding the value of the credit union alternative as well as the importance of complete, fair and balanced disclosures, the avoidance of undue enrichment on the part of any credit union official, and the need for a fair voting and conversion process in order to protect the interests of all members.
* Direct members, the media, and the general public to a central repository of information regarding conversions and their impact on credit union members.