Just as interesting as Mr. Powell's remarks last week, were those of a new colleague on the FDIC Board, Thomas Curry. Curry, the former commissioner of banking in Massachusetts, said it would be a good thing if some credit unions were to convert to a bank charter.
"There may be an advantage to credit unions in pursuing a banking charter," said Curry, also speaking to America's Community Bankers. The mutual savings bank charter, he said, is "ideally suited for community banks, because cooperative thrifts are keystones of their communities."
This is the same Tom Curry who fought to stop Postal Community Credit Union, in Boston, from converting to a mutual savings bank. That issue is still tied up in the courts.
