HarborOne Credit Union has taken one more step on its path to a mutual cooperative bank charter conversion.

The $1.9 billion institution announced today that the National Credit Union Administration’s Office of Consumer Protection and the Massachusetts Division of Banks recently approved its membership vote on the proposed charter conversion. Both entities informed the Brockton-headquartered credit union that they had no reason to disapprove the membership vote.

Now the credit union is awaiting approval from the Federal Deposit Insurance Corporation (FDIC), though the agency did officially acknowledge HarborOne’s application for deposit insurance.

"We’re pleased that the NCUA responded within the 30-day time period," James Rice, HarborOne’s vice president of marketing, told Banker & Tradesman.

He added that he did now know when the FDIC would issue a decision on its application.

Earlier this year, 62 percent of the credit union’s voting membership – about 22,000 out of 116,000 total members who were eligible to vote – approved the credit union’s plans to convert to a mutual cooperative bank.

Though the credit union’s membership has been reluctant to comment extensively on the proceedings, its president and CEO James Blake has previously said that HarborOne is pursuing the charter conversion so it can expand its membership beyond the four counties it presently serves and access additional capital.

Credit union-to-bank conversions are rather uncommon. Since 1995, only 35 credit unions nationwide have converted to bank charters, according to the NCUA. There are presently 6,888 credit unions in the United States. The last credit union-to-bank conversion to take place was in 2009 – when Rhode Island’s Coastway Credit Union became Coastway Community Bank.