|
|
Article: Flight To Federal Charter Is Draining Utah System.(Credit unions)(Brief Article)
- Article from:
- Credit Union Journal
- Article date:
- July 19, 2004
CopyrightCOPYRIGHT 2004 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
At least three more state credit unions are in the process of converting to federal charters, as the banker-driven flight from the state charter continues in the Beehive State, according to a new report by the Department of Financial Institutions obtained by The Credit Union Journal.
The report, provided to the legislative task force studying the proposed tax on state-chartered credit unions, shows a massive switch in chartering activity since 2002, when the banks began their latest bid to tax credit unions.
Since that time 11 state charters have converted-including the six largest-and three more are pending: Granite CU ($190 million); Blues Plus CU ($6 ...