Lets Hope Not!
DFPI likes to boast of its consumer protection and of California as "the charter of choice" for credit unions. The SAFE Board evidently doesn't believe DFPI is all it's quacked up to be. Instead, SAFE has chosen to "give it up" - even "give it away"! - and move to Washington!
NCUA - never really famous for "member engagement" - is reviewing its rules on merger and conversions; and has asked for input from the public! One comment on mergers comes from a new CU activist group, Endangered Small Credit Union Defense (ESCUD) [link]:
✔ "ESCUD believes member engagement and notification should be strengthened, not weakened."
✔ "Members are the owners of the cooperative. At the precise moment they risk losing their not-for-profit ownership rights, profit-sharing model, tax-exempt structure, and community-focused mission, they deserve clear, prominent, timely, and effective disclosures."
✔ "We urge the NCUA to ensure that any final rule maintains — or even enhances — meaningful member awareness and participation rather than reducing procedural safeguards in charter-ending transactions."
😎 As to the "charter of choice", DFPI's latest "innovation" may be doing what was once thought impossible...
