ACB Sets the Record Straight on Mutuality
In a June 15th letter to Rep. Spencer Bachus (R-Ala.), chairman of the Subcommittee on Financial Institutions and Consumer Credit, ACB strongly disputed the misinformation being spread by the NCUA and CUNA regarding the ownership and operation of mutual savings institutions and NCUA’s oversight of the credit union conversion process. Click here to read the letter.

ACB strongly encourages you to write your member of Congress to express your support for the right of a credit union to convert to a mutual bank. We also ask you to include your comments on the mutual charter and describe how your bank benefits your customers and community. ACB’s Mutual Institutions Web Site has excellent resources on the history of mutual institutions and their commitment to independence, community and service. Please send a copy of your letter to Charlotte Bahin at [email protected]. 

Credit Union Conversions Generate Interest in Congress
The NCUA’s decision to invalidate the conversion attempts by Community Credit Union and Omni American Credit Union in Texas was debated during last week’s House Financial Services hearing. CUNA President Dan Mica sent a letter to lawmakers mischaracterizing mutual institutions. Thanks to ACB efforts, Rep. Barney Frank (D-Mass.) sent a letter to NCUA expressing his concerns of their plans to invalidate the recent credit union member votes. Click here for more and to read Rep. Frank’s letter.

N.J. Supreme Court Rules for Clifton Savings
The Supreme Court of New Jersey denied the petition of Lawrence Seidman, an activist investor attempting to force Clifton Savings Bank of Clifton, N.J. to mail its members a communication. Seidman sought the nomination of two candidates to the Clifton Savings Board of Directors and filed a Petition for Certification after New Jersey’s Department of Banking and Insurance denied his request for a hearing and his appeal was unanimously dismissed by an appellate court.