SALT LAKE CITY, Utah. — The $187 million Beehive Credit Union broadly challenged to NCUA different aspects of the member communication letter opposing its conversion to a mutual bank, but lost many of its challenges.
NCUA has not released the credit union's letter objecting to aspects of the member communication because, sources have said, Beehive claimed the letter contained proprietary information. The CU has not yet confirmed that the letter contained anything proprietary and not yet released the letter.
The response letter from NCUA discussed 29 Beehive objections to the member letter and reported that the members had changed their letter, sometimes in response to the objections and sometimes not, 12 times. The agency denied 17 of Beehive's objections.
But, crucially, NCUA agreed with Beehive that the members' letter would need to be delivered by postal mail to all the CU's members, including those who had said they would welcome communication by email. This decision raised the cost of the mailing from an initial cost of $8,871 to $13,741
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
