A board member of the National Cooperative Business Association has penned an opinion piece opposing the proposed conversion of the $304 million Coastway Credit Union to a mutual bank charter.

Writing in the Providence Journal, Erbin Crowell, who also works as a cooperative organizor, questioned the reasoning behind Coastway's proposed conversion.

"So, as an inquiring credit-union member, I have serious questions about this conversion attempt. What is motivating Coastway's leadership to turn a nonprofit, member-owned cooperative into a bank? How can Coastway give up its nonprofit tax exemption without charging customers higher rates and fees? And what will happen to the $25 million owned by Coastway's members?"

Recently Coastway's CEO, William White, said in an published interview that there had been no organized opposition to the credit union's move. Coastway is scheduled to mail the conversion ballots to members at the end of March and has scheduled a meeting on the conversion for April 29.