A board member of the National Cooperative Business Associationhas penned an opinion piece opposing the proposed conversion of the$304 million Coastway Credit Union to a mutual bank charter.

Writing in the Providence Journal, Erbin Crowell, whoalso works as a cooperative organizor, questioned the reasoningbehind Coastway's proposed conversion.

"So, as an inquiring credit-union member, I have seriousquestions about this conversion attempt. What is motivatingCoastway's leadership to turn a nonprofit, member-owned cooperativeinto a bank? How can Coastway give up its nonprofit tax exemptionwithout charging customers higher rates and fees? And what willhappen to the $25 million owned by Coastway's members?"

Recently Coastway's CEO, William White, said in an publishedinterview that there had been no organized opposition to the creditunion's move. Coastway is scheduled to mail the conversion ballotsto members at the end of March and has scheduled a meeting on theconversion for April 29.