New procedures for tabulating the results in charter conversion votes are making the results from the recent vote on Technology Credit Union's proposed charter change to a mutual bank take longer than results from other charter change votes, explained sources familiar with the process.
The 69,000-member, $1.6 billion San Jose, Calif., credit union officially wrapped up voting on the proposed charter change on Sept. 12 with a special meeting, but results from the balloting have not yet been released.
Prior to the latest round of regulations overseeing charter change balloting, independent officials charged with counting ballots were able to open ballot envelopes as they arrived, leaving only the ballots cast at a special members meeting left to count on the day after the meeting.
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