DFCU Members Denied Access To Conversion Records

Credit Union Journal   April 6, 2006

DEARBORN, Mich. - Despite being represented by legal counsel, DFCU Owners United, a group opposing the bid by DFCU Credit Union to convert to a bank, said it has been denied access to inspect certain records as part of its own due diligence and to "ensure that (the conversion is) not based on the personal interests of the directors, officials and employees of the credit union." Spokesperson Linda Malec said three members of DFCU United were given only a limited inspection of board meeting minutes where the conversion was discussed and no access to any supporting documents, PowerPoint presentations or studies. The credit union has declined to comment. Meanwhile, as reported first by The Credit Union Journal, DFCU Owners United has formally announced it is collecting member signatures to request a Special Meeting of DFCU Financial’s membership at which it will seek the removal of the board of directors "If we are successful in removing the current board directors, we hope that new board members will be elected who will restore the credit union culture and philosophy of people helping people, " said Malec.

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