If the roughly 73,000 members of Technology Credit Union, a $1.5 billion institution headquartered in San Jose, Calif., vote to convert to a mutual bank charter, they will likely find their increased expenses not restricted to taxes alone, according to CUNA Chief Economist Bill Hampel.
Technology CU posted a notice to its members about a potential charter change earlier in October and has scheduled a board vote on Nov. 2 to formally consider making an application. In order for the CU to change charters, a majority of members voting would have to approve it. Technology has not returned calls for comment on the potential charter change.
At first, it could appear Technology would save money by leaving the credit union charter behind, Hampel noted.
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