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DFCU Financial Board Invalidates Petitions, Calls Board Recall Effort Illegal

DEARBORN, Mich. - In a move which may further anger, but will likely not surprise members of the $1.8 million DFCU Financial, the board of the CU announced on May 10 that it would not hold a special meeting at which they would have faced a possible recall. In a...

By David Morrison | Updated on May 16, 2006

DEARBORN, Mich. – In a move which may further anger, but will likely not surprise members of the $1.8 million DFCU Financial, the board of the CU announced on May 10 that it would not hold a special meeting at which they would have faced a possible recall. In a statement placed on the CU’s savedfcu.com Web site, Chairman Hal Lowman and CEO Mark Shobe said the following:

“The request has been determined to be invalid because, among other things, the purpose of the meeting – the removal of the entire DFCU Board of Directors – would be in violation of the Federal Credit Union Act,” the letter read. “We also believe that a proposal as extreme as the removal of the entire Board of Directors, in addition to being legally invalid, is plainly contrary to the best interests of DFCU’s members, which your directors have the responsibility to protect.”

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