WASHINGTON — Members of the $332 million Lafayette Federal Credit Union, headquartered in Kensington, Maryland, began trying to come to grips last week with the news that their credit union had applied to convert to a mutual thrift charter.
They faced a challenging task. Despite a story in a local paper saying that the CU had sent out the disclosure documents and ballots relating to the conversion, as of press time none of the packets had arrived.
Lafayette tried to close the information gap by quickly scheduling meetings in the headquarters of some of its largest SEGs. But members interviewed after the two meetings that took place as of press time said that, if anything, they left the meeting with more questions then when they arrived, and other members criticized the CU for not scheduling the meetings with more advanced warning.
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