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Lafayette Members Start to Circulate Petition Demanding More Information

As has been the case in recent attempts to convert credit unions to mutual banks, the effort to convince the members of the $332 million Lafayette Federal Credit Union to change charters seems headed for a recall fight. Members questioning the proposal from Lafayette to convert first to a mutual...

By David Morrison | Updated on November 07, 2006

KENSINGTON, Md. — As has been the case in recent attempts to convert credit unions to mutual banks, the effort to convince the members of the $332 million Lafayette Federal Credit Union to change charters seems headed for a recall fight. Members questioning the proposal from Lafayette to convert first to a mutual and then adopt a stock-issuing structure are circulating a petition calling for a special meeting at which some or all of the board members could be recalled. The credit union is still in the early part of the balloting process. The petition asserts a lack of response to members’ questions and a request to view records and minutes related to the conversion as the reason for the petition. “Answers to the questions presented and a response to the demand to inspect the records have not been forthcoming, in spite of repeated requests to the directors and chief executive officer for such answers,” the petition states.

Significantly, in addition to whatever face-to-face signature collecting may be conducted, the petition is also being offered online at the savemycreditunion.coop Web site.

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