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Article: Credit Union Switch Hits Snag.( Postal Community Credit Union )
- Article from:
- American Banker
- Article date:
- November 8, 2002
- Author:
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The Credit Union Journal
In an unusual regulatory conflict, the Massachusetts Division of Banks has issued an order aimed at stopping Postal Community Credit Union from pursuing its plans to convert to a federal savings bank.
The order, obtained by The Credit Union Journal, prohibits the $141 million-asset credit union from taking any action to change its corporate structure, communicating to members, or holding any meeting of the board or management without written approval of the state regulator.
The order asserts that the credit union is "acting in an unsafe and unauthorized manner by pursuing such a purported conversion without performing or ...