Credit Union Times Voting Poll Results: Voters Fall Into Two Extremes on Thrift Vote Requirements

WEST PALM BEACH, Fla. – Credit Union Times’ just completed voting poll on thrift conversions shows there’s not much middle ground when it comes to member voting requirements in thrift conversions. Currently credit unions seeking to convert to a thrift charter need only a majority of those members voting to approve the conversion. So far CU conversion votes have been plagued by weak voter turnout, thus leaving a very low percentage of members making a major decision for the entire membership. The new credit union regulatory bill introduced recently requires that at least 20% of members participate in the vote in order for a vote to be valid. Credit Union Times wanted to know how people felt about this issue. The following is the voting poll question and results. “Do you think there should be a minimum required percentage of members voting to approve a conversion for a credit union to a mutual savings bank. If so, what’s the right percentage?” * No, I think current set-up is fine

33.14% * Yes, at least 20%