Credit Union Conversions: When 6 Turned Out To Be 9.

WASHINGTON -- When contemplating the maneuvering around the CU Regulatory Improvement Act (CURIA), especially the provisions regarding credit union conversions to banks, I was reminded of an old Jimi Hendrix sing called, "When 6 Turned Out to be 9."

What prompted this reminder of my college years was a letter sent by NAFCU to the House Financial Services Committee, which is drafting the credit union bill. In it, NAFCU reiterated several universally agreed-upon principles such as full and easily understandable disclosure. NAFCU also was the first entity to come out in favor of a ban on insider enrichment, coming as Credit Union Journal was revealing in a daily series the millions of dollars being …