Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
DFCU members waiting for hearing before proceeding
DEARBORN, Mich. (3/21/08)--A group of members of DFCU Financial FCU (DFCU) are waiting to see what happens at the next hearing before proceeding after winning a lawsuit against the credit union. Leslie Herrick, public relations consultant on behalf of the members, told News Now that she could not comment further until she heard from members. A court hearing regarding the inspection of books and records at the credit union has been rescheduled for April 17 at 2:30 p.m. The meeting will establish the timeline for the records inspection. A Wayne County Circuit Court judge also ruled that the members have a right to call a special membership meeting. The meeting was requested by members to vote on the removal of directors from the DFCU board. Three DFCU members filed the lawsuit in the spring of 2006 during DFCU’s campaign to convince members to vote in favor of converting to a mutual savings bank. Although the vote was cancelled, members questioned the credit union board of directors’ due diligence and motives for proposing a charter change. The members sued after the credit union refused to let members review complete board meeting minutes and other materials considered by the board during the attempted conversion. The credit union later withdrew the conversion proposal and a board election was conducted. Eight of the nine directors named in the recall petition have either resigned or have been re-elected. The credit union expressed disappointment at the court decision and sat it will evaluate its options including appealing.
Other Resources

RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
4 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
6 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
7 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
9 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
9 hours ago