COLORADO SPRINGS, Colo.--The recent history of credit union-to-bank conversions demonstrates no two are alike but credit union industry group National Center for Member Trust stands ready to act, NCMT Chairman Wendell "Bucky" said.
"Some like Think go ahead without opposition from member-owners and then there is Lafayette and Dearborn Financial where the members sprung up to object to what they saw taking place," observed Sebastian, one of the most outspoken CU critics of conversions.
Sebastian, here this week for the annual meeting of CO-OP Financial Services, of which he is a director, also lashed out at directors of soon-to-be-converted CUs for being "unethical" and failing to fulfill fiduciary duties. Those members joined a CU not a bank and directors have a "clear mission" to follow the wishes of members, said Sebastian, who also is president/CEO of GTE FCU of Tampa, Fla.
"It's all about the money, just show me the money," quipped Sebastian in citing the most publicized conversion attempts. Sebastian said he had no information on the most recent conversion bids by three medium-sized CUs, one in Utah and two in Massachusetts, but NCMT would join the anti-conversion campaign if asked by their members.
On conversions, there's no doubt, "just like fingerprints, none are alike," he concluded.
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