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nce upon a time in the not so distant past, I recall credit unions across the nation pondering the fates of their credit card programs. Keep? Sell? Keep? Sell? At the same time, credit unions were in the news for selling their credit card portfolios to banks?yes, the same banks that have since brought down the American economy. Oh, the justifications I used to hear: credit cards were not a core competency, the risk was too great, fraud was a concern, it’s an orphan within our product line. And, yes, some credit union CEOs even said banks do cards better. The credit card remains the most misunderstood product within a credit union.

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Peter Westerman

Credit Union Times

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