With the May 28 comment deadline looming, Jim Blaine is already planning ahead for passage of the NCUA's risk-based capital rule.
If the tenets of the rule go unchanged, in particular what he considers egregious risk-weightings in several key areas, the president/CEO of the $28.3 billion State Employees' Credit Union in Raleigh, N.C., may ask his board to consider converting to a mutual bank.
"It's like marrying the devil," Blaine said. "We're a cooperative, but the board has to look after the best interests of our members. If we can make loans more cheaply as a bank than as a credit union, we're obligated to look into that."
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