Credit Union's Shift to Bank Opposed

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00020928-credit-unions-shift-to-bank-opposed/

By Kim Norris, Detroit Free Press

The state’s largest credit union’s efforts to convert from a not-for-profit, member-owned financial institution to a for-profit savings bank are fought by the lobbying group that represents the state’s credit unions.

The conversion by DFCU Financial — formerly Detroit Federal Credit Union — is the largest undertaken nationwide. It has galvanized the Michigan Credit Union League and some former employees of the credit union to oppose the effort.

DFCU said it wants to convert to a mutual savings bank to ensure its future growth, which is constrained by its charter and the local economy.

For this complete story, please visit Credit Union’s Shift to Bank Opposed.