A California judge is scheduled to hear arguments Thursday over whether the $1.6 billion Technology Credit Union should be forced to share member contact information with members opposed to its proposed conversion to a mutual bank.
Results of a member vote on the proposed conversion by the San Jose credit union are pending.
NCUA regulations provide that credit union seeking to convert to mutual bank charters have to cooperate with members who want to communicate with other members about that possible conversion, whether by U.S. post or through email.
But when Technology members sought to establish such communication in this case, they found the credit union had added tracking software that they had not authorized to their communications so they have sought member contact information so to be able to communicate with members on their own.
The credit union launched the litigation to quash their request.
They members contend that California corporate law and Technology Credit Union's bylaws require that the credit union provide the information, but the credit union argues that federal banking laws preclude them doing so.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 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.