COLORADO SPRINGS, Colo. — In the face of conversion "rhetoric," CO-OP Financial Services is committed to retaining its strong credit union character as it pursues further signups with ATM/electronic funds processing groups, a number of which are league-sponsored, according to CO-OP Chairman David Maus of Denver.
"We remain credit union centric," declared Maus in a speech at the annual shareholders meeting of the network last week in which he reaffirmed the CUSO's revised by-laws barring CUs that convert to mutual savings banks from earning dividends or voting.
Once an MSB converts to stock, they are kicked out of CO-OP, said Maus, who also is president/CEO of Public Service Credit Union.
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