BEL AIR, Md.–Maryland’s Office of the Commissioner of Financial Regulation has confirmed that it has received an application from HAR-CO Credit Union to convert to a Maryland state-chartered mutual savings bank, as CUToday.info reported here.
In response to an inquiry from CUToday.info, the Commissioner’s Office said that under Maryland law for a conversion to occur all that is required is that a majority of members who vote by mail or in-person at a special meeting vote in favor. A majority of all members is not required.
HAR-CO has not indicated when it might put the question to a member vote or hold a special meeting.