ICBA shares information on converting credit unions to mutual banks

ICBA published a guide to converting from credit unions to mutual banks to help financial institutions better serve their communities.

Details: Upgrade Your Charter A Guide on Converting from a Credit Union to a Mutual Bank says converting offers greater capital flexibility, expanded lending authority, freedom from field-of-membership restrictions, and a greater connection to the community.

Promoting Local Investment: “While credit unions position themselves as community-oriented financial institutions, their regulatory structure does not promote the same investments in local communities as mutual banks,” the guide says.

More on Credit Unions: ICBA’s recently unveiled “The Illusionists” campaign says that while large credit unions present themselves as community champions, they quietly make accountability, tax fairness, and consumer choice disappear.