LETTER: I Want My Credit Union To Serve Low & Moderate-Income People
Thu, 11/12/2020 - 8:19pm Heraldgroton
Attention: Local friends who bank with Worker’s Credit Union:
Today I received a ballot in the mail from WCU asking for my vote on whether or not it should convert from a state-chartered credit union to a federal charter. There was no explanation of the difference. The Board of Directors recommends a Yes vote.
I did a little research and discovered that “In Massachusetts federally chartered credit unions are not subject to the state’s Community Reinvestment Act that is designed to assess how well financial institutions serve the needs of low-and-moderate-income individuals and communities.”
Because I prefer my credit union to serve the needs of low-and-moderate-income individuals and communities, I recommend a NO vote.
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