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When I came to the St. Mary’s Cathedral Federal Credit Union in October 1966, there was a little over $500,000 in assets and two and a half employees. Today, Catholic Federal Credit Union has $215 million in assets and 80 employees. The first half dozen years at the credit union, a large percentage of our loans were made for debt consolidation. We would pay off charge accounts at local department stores and proprietors of that nature. The local municipal and district court offered a service for those debtors unable to qualify for the consolidation loan. For a nominal fee the courts would take money from the member’s weekly paycheck and disburse it monthly to creditors. Financial circumstances were much simpler then; the biggest problem members had was resisting overcharging at local department stores.

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