Tech CU Vote Proves A Lack Of Democracy

A Lack Of Democracy

 I echo Henry Wirz’s comments in his recent letter-to-the-editor (CU Journal, Oct. 15) about the questionable goings-on affecting the Technology Credit Union’s disrupted charter conversion vote.

It certainly cannot be considered to be a “democracy” when a dozen anti-conversionists supported by hidden “vigilantes” can game the NCUA regulations to undermine rational discussion about the pros and cons of changing charters.

I also wonder how a few rank-and-file credit union members could possibly know so much about the regulations affecting the membership vote that they buried the debate in red tape. Someone else with the necessary resources and expertise must have been pulling their strings. I sincerely hope that the puppeteers are not anyone from any organization that I know.

 The future for credit unions is unnervingly uncertain. The threat of taxation, Basel III capital increases, over-regulation, and a disheartening economy darken the path forward.  Our credit union is financially healthy, of a decent size, and we want to grow. We have no plans to convert our charter, but we appreciate having the conversion option available should it later prove to be a necessary strategic move.

As the Technology Credit Union situation all too clearly illustrated, on a practical level that option has been unnecessarily obstructed by an unbalanced set of rules that are easily manipulated by a few undemocratic members with questionable intent. I’m not OK with that.

Chuck Bruen, CEO

First Entertainment, Hollywood, Calif.