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Credit unions should not exist merely because they idea of them gives people the warm fuzzies. The idea of credit unions is awesome, but if they are not fulfilling member needs then something needs to be done. Barring catastrophic local or SEG problems, if credit unions are truly serving their members, they would not be losing members.

Part of the reason the financial services industry is in the state it’s in is because there were too many lenders nudging them to get creative with the structure and underwriting of loans. Consolidation in the financial services industry is a good thing. If there are 50% of the banks and credit unions remaining 10 years from now that there are today, that’s a good thing. If there are more than 5,000 credit unions left by 2015, I’ll be surprised–and dismayed.

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