Small credit unions are bristling as industry leaders discuss consolidation and mergers as a solution for industry losses.

Paula Nihoff, president/CEO of the $48 million HealthCare First Credit Union, said she thinks many in the industry believe small financial cooperatives don't have a right to exist, even though they successfully fill important niche markets.

Furthermore, she said, some boards have been "misled" by former banking executives who have convinced them to "run credit unions like banks", growing the institution by leveraging capital and targeting small credit unions for mergers.

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