Frederick the Great, the military conqueror said "It is pardonable to be defeated, but never to be surprised." This wisdom applies well in today's uncertain economic environment and is likely the reason you are investigating your charter choice options.

There are compelling reasons for today's credit unions to consider a credit union charter conversion. Credit unions are constrained from growing and competing effectively by, among other things, membership restrictions, lending limitations, geographic restrictions and high capital requirements imposed by their regulatory charters. Because of the financial difficulties of certain credit unions that are expected to tax the resources of The National Credit Union Share Insurance Fund, as well as credit unions leaving the share insurance fund due to credit union charter conversions or a move to private share insurance, it is likely that surviving credit unions will have to rebuild the fund once future losses are recognized.

The mutual savings institution charter may expand your lending powers and geographic reach, while preserving member ownership. Under this type of charter, you may be able to do more for your members and the community without changing the fundamental characteristics of your organization, like personal service, cooperative philosophy and collective values.

As a mutual savings institution, you have the ability to raise capital through a mutual holding company reorganization and a minority stock offering, while remaining independent and under member control. You wouldn't have to rely solely on profits – which are generated from fees and interest charged to members – for the capital to expand your network and customer base.

The credit union conversion specialists at Silver, Freedman & Taff, L.L.P. have the know-how to guide you through each stage in the credit union conversion process- from education to strategy to adoption of a conversion plan; business plans to regulatory filings; and balloting to capital-raising. After all, we're the firm that authored the charter conversion provisions in H.R. 1151 and have done most of the credit union conversions a to thrift charter. We are the only firm that has experience in successfully dealing with the new NCUA disclosure regulations.

You owe it to yourself and your members to investigate charter conversion options. Call us directly if you would like to learn more about whether a charter change is the right choice for your organization – one that allows your credit union to perform to the best of its capabilities.

Please contact one of our credit union conversion specialists to learn the facts about a credit union conversion. Your inquiry will remain completely confidential.

Michael Sadow
[email protected]
202-295-4526

Robert Freedman
[email protected]
202-295-4502

Alternatively, please fill out our inquiry form for our free summary charter comparison and more information.

Click here for the inquiry form

Our Credit Union Experts
Michael Sadow
[email protected]
202-295-4526

Robert Freedman
[email protected]
202-295-4502

Office Contact
3299 K Street, N.W. Suite 100
Washington, DC 20007-4444
202-295-4500
www.cucharterchange.com

Issues Facing Credit Unions
There are many legal and economic issues facing credit unions today that are to be considered in evaluating your charter choice. Here are a few of the common issues that may affect your charter choice:

• Deposit insurance fund
• Field of membership
• Business lending exchange
• Tax exemption
• Supplemental captial
• Shared branching
• Community Reinvestment Act

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Silver Freedman & Taff, L.L.P. | www.cucharterchange.com | 202-295-4500
3299 K Street, N.W. Suite 100 Washington, DC 20007-4444



 

 

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Silver Freedman & Taff, L.L.P., 3299 K Street, N.W. Suite 100, Washington, DC, 20007-4444 - Tags: credit union law firm Washington DC, credit union law firm Washington DC, 202-295-4500, www.cucharterchange.com, 6/22/2013