It's reassuring to see that credit union members can wake up and say no when their directors seem to be acting against members' interests. The members of Technology Credit Union in San Jose (California) recently voted down their board's proposal to convert the credit union to a mutual savings bank.
This article in Credit Union Journal quotes reactions from both sides of the controversy.
Now the leader of the revolt is proposing to members that they should replace the CEO, the board chair, and maybe other directors as well. (See also his Twitter posts: @stayacu)
This further confirms the references in my recent paper We Want Our Co-ops Back (page 3) about how co-op and credit union boards sometimes put their own interests ahead of members' interests.
Congrats to Tech CU members who stood up and said no!