Credit Union Charter Choice Act

H.R. 3206, the Credit Union Charter Choice Act, would change the process for how a credit union converts its charter into a mutual savings bank or savings association. The bill would reduce the oversight authority of the National Credit Union Administration (NCUA) during these transitions, instead requiring an independent inspector to oversee a secret ballot vote by the credit union's members. Under this legislation, the NCUA would be prohibited from intervening in or blocking a conversion unless there is evidence of fraud or a reckless disregard for fairness that impacted the final vote.