No other product has come under scrutiny within the credit union industry as much as payday loans.

While there are internal and external critics who staunchly believe the payday lending model goes against the tenets of credit unions, some may wonder if the way cooperatives are managed may determine if the controversial loan products can effectively help those who are unbanked or underserved.

Tom Nix, the founder of what was previously known as Nix Check Cashing, has released Nixland, an autobiography that includes a chapter on how he negotiated the $45 million sale of the business to the $3.1 billion Kinecta Federal Credit Union in Manhattan Beach, Calif., in 2007.

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