Better for whom?

The largest credit union in the State of California, Golden 1 CU, has obtained a community charter encompassing 21 of the state's 27 counties. Now they have 77% of the state including 83% of the state's population. The Golden 1 said their invasion of other credit union territories with their expansion plans "won't hurt much." The key word here is "much." May I ask: How "much" red must a credit union bleed before it hurts "much?" Credit Union Times reported Stan Hollen, president, The Golden 1 as stating the economy of scale will greatly help in serving members. Are they seeking economy of scale or rather economic cannibalism? Are they after the same economy of scale as the now defunct billion dollar banks like: Security Pacific Bank, First Interstate Bank, Home Savings, or Glendale Federal Bank that merged to provide better customer service? Is this the same credit union that got spanked in a member class action lawsuit as reported in Credit Union Times for violating certain federal bankruptcy laws? Was the fine really $5 million? Let's all hope in the credit union community that The Golden 1 manages this statewide expansion monopoly better than they manage their own collections department. We don't need any more bad press at a time when we are trying to accomplish bankruptcy reform. And where is our cutting edge trade association? The California Credit Union League reports a policy of non-involvement when issues of CU overlap and CU charter encroachment. A question, for CCUL: Is the tail wagging the dog? Respectfully submitted, her majesty's loyal opposition. Stuart Perlitsh CEO Glendale Area Schools FCU