Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
HarborOne Member Vote Certified By NCUA
BROCKTON, Mass. (4/23/13)--The National Credit Union Administration has notified Brockton, Mass.-based HarborOne CU that its procedures to convert to a mutual savings bank have complied with the agency's conversion regulations.

The $1.9 billion asset HarborOne also announced Monday the Massachusetts Division of Banks had approved the membership vote results, which were in favor of the conversion.  About 62% of voting members of HarborOne cast ballots in favor of the change in March. About  21% of eligible voters voted.

The Federal Deposit Insurance Corp. has officially accepted HarborOne's application to convert, and the credit union now awaits for approval of FDIC insurance before it can complete the conversion process.

Although members have a prerogative to do what they believe is in the best interest of their credit union, said the Credit Union National Association, they are best served by the not-for-profit, cooperatively owned and member-directed ownership structure of credit unions.  CUNA emphasized it is important for members to be fully informed about any conversion proposal and its implications before any conversion.

At the time the vote was announced, the Massachusetts Credit Union League noted that any conversion should be approached from the viewpoint of the members of the credit union, but added that HarborOne members unfortunately seemed to have accepted the argument that the operational advantages outweighed their rights and privileges as members.


RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
8 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
9 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
11 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
11 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
11 hours ago