So you have been in the industry for years and think you knowcredit unions? Have you heard of this: Credit unions should onlyserve people who are impoverished, destitute, unemployed or onwelfare. That's directly from the Federal Credit Union Act--NOT!But if you have been following the saga of banker attacks on whocredit unions were chartered to serve, that silly line wouldn'tseem so silly.

There is so much made about credit unions being chartered toserve those of "modest means." It's become the basis for all otherbanker attacks. Bankers say credit unions have become too expansiveand are offering too many bank-like services. If credit unions wereonly serving those of modest means, they wouldn't be expansive andwouldn't be offering more bank-like services. (Does that meanpeople of modest means can never rise out of their modest meansclass to where they would need more services like member businesslending? That's an argument for another day.)

Some in the credit union world have even discussed definingmodest means to beat the bankers to the punch. That would be a verybad move, especially after seeing the long-awaited results ofNCUA's data collection pilot.

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