Sounds like the old asset-liability committee is getting a little greedy. The 7 month CD probably carried a high rate of interest and if it will renew into a significantly lower interest rate, you will have some dissatisfied customers on your hands looking for the address of your regulator. Each customer should be given a notice prior to renewal of the change.
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.