This week I decided I was going to write my column about NAFCU and the Defense Credit Union Council’s objections to the Army and Air Force Exchange Services credit card launch through JPMorgan Chase. I was ready to slam the two groups for hypocrisy in their anti-competitive challenge to the card when credit unions are constantly criticizing the bankers for trying to put credit unions out of business merely to eliminate competition.

But after talking with representatives from both groups, I began to see things differently. They made well-reasoned arguments backed by facts (one of which you’ll see later was called into question), and it almost worked.

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