With its mortgage business booming, the Community Schools Credit Union in Rochester Hills, Mich., wants to offer home loans to even more customers by doing something no chartered credit union in the state has ever done: become a thrift.

That is no easy feat. The law governing credit unions in Michigan - which charters 300 of them - does not address this type of conversion. Moreover, state thrift law says that most financial institutions wishing to become chartered thrifts must get approval from two-thirds of all stockholders or members - not just this proportion of those voting on a conversion.

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