Academic journal article ABA Banking Journal

Credit Union Converter Is a Convert Himself

Academic journal article ABA Banking Journal

Credit Union Converter Is a Convert Himself

Article excerpt

As bankers have anxiously awaited the outcome of every stage of the debate over credit unions-the Supreme Court case, last year's H.R. 1151, the NCUA rule, and now ABA's latest suit against NCUA, filed in early January-hanging right in there with them has been consultant Alan Therlault.

Theriault's fledgling business is assisting credit unions through the regulatory maze to come out the other side as savings institutions. His business started from personal experience: He used to be head of a credit union that, in May 1996, converted into a federal savings bank (Briefing, May 1997, p.7).

Theriault found so much interest in the conversion of AWANE Credit Union, Peterborough, N.H. into AWANE BANK, fsb, that he decided to make sharing his experiences in conversion his full-time job. Theriault says he's been in touch over the last year or so with many credit unions that are considering conversion.

The passage of H.R. 1151 and approval of the resulting NCUA rule did not dim this interest. Therlault says there is sufficient uncertainty about what a credit union will and won't be able to do that some of the more aggressively minded ones are looking to get out of the credit union world and into thrift form. …

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