There are a lot of interesting credit union happenings that deserve comment:

- The Payday Play. Kinecta Federal Credit Union is acquiring payday lender Nix Check Cashing for $45 million. Kinecta joins Wescom Credit Union as the second California credit union to purchase a payday lender. These two credit unions are ahead of the curve. What a great way to jump into the underserved market by buying a business with an established client base that could turn into new members. Kinecta plans to convert Nix's 55 retail locations into Kinecta branches.

Interestingly, Nix was seeking out a depository partner to add banking services. The CEO of Nix recognized that having a depository component provides a valuable service to its clients, but doesn't mean people won't still use Nix for money orders and check cashing. Money orders, check cashing and wire services represent the classic product mix for serving the underserved. If Kinecta can move these people into the deposit side where they can begin saving, the opportunity this deal provides is huge for the new members and Kinecta. More CUs need to follow this route, especially given the problems in adding new members.