It's short-sighted for credit unions to dismiss new competition from two giants with loyal customers.
Forty years ago, Helen Bunn became the manager of Fannie Mae Federal Credit Union. At that time the credit union served less than a 1,000 members and managed assets of just $125,000.
The Partnership FCU takes in Fannie Mae FCU to form $140 million institution.
The $123 million Partnership Federal Credit Union of Arlington, Va., plans to merge the $16 million Fannie Mae FCU of Washington.