Conversion Is First Step Toward An Undemocratic Institution
I read Mr. Wirz's article, "NCUA Conversion Rules Mock Democracy" (CU Journal, Oct. 15) with great interest. Mr. Wirz really made the case for the pro-conversion folks. It would not surprise me a bit to see SAFE CU looking to convert.
But he also made a good case for those who were against the conversion. To convert from a CU to a bank, the regs had 6,110 words. To convert from an FSB to a national or state bank the reg had only 125 words. It fully demonstrated the ease by which Tech CU's board could move from a mutual savings bank to a stock corporation; thus enriching the board and senior management and leaving the members in the dustbin.
Thank you Mr. Wirz for demonstrating how you feel about conversion. I hope the members of SAFE CU can rally like the
Tech CU members did to save their credit union when the time comes.
Former Banker/CU Exec, retired