I continue to monitor with great interest, the battle going on over DFCU Financial Federal Credit Union’s proposed conversion to a mutual savings bank and the attempt to remove the current Board of Directors. The current Board and management have an “official” website called Save DFCU, while the opposition, called DFCU Owners United, have their own site called Save My Credit Union.
My first inkling that there was something fishy going on at this credit union came when I heard about their name change. They were originally known as Dearborn Federal Credit Union, a perfectly respectable name. Dearborn is synonymous with Ford Motor Company, and therefore also with the Detroit area’s proud automotive heritage. A couple of years ago, in the name of a “re-branding” effort, the credit union changed its name to “DFCU Financial Federal Credit Union.” This is an extremely puzzling and perplexing name change. Why would you take the former initials (Dearborn Federal Credit Union) and put them into a name which still incorporates the words from which those initials come from (i.e. Federal Credit Union). Why would you go from a four-word name to a five-word name?
Well, the answer came when the board and management applied to convert the institution to become a mutual savings bank. They wanted to become known simply as “DFCU Financial”. They wanted to run away from their heritage as a credit union, from a proud history of more than fifty years of putting their members’ needs first.
Fortunately, the number of signatures obtained on the petition to keep the institution as a credit union has convinced the board to withdraw their application to become a bank.