There are signs that credit unions may soon face more competition from local credit card issuers.
More than two decades ago, regional and community banks began selling their credit card portfolios to larger national banks and monoline card issuing banks, such as MBNA which later became FIA, a subsidiary of Bank of America.
At the time, many regional and community banks believed they lacked the resources and expertise to compete against the national banks on cards and that they would profit more from participating in an agent issuing program.
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