No other product has come underscrutiny within the credit union industry as much as paydayloans.

While there are internal and external critics who staunchlybelieve the payday lending model goes against the tenets of creditunions, some may wonder if the way cooperatives are managed maydetermine if the controversial loan products can effectively helpthose who are unbanked or underserved.

Tom Nix, the founder of what was previously known as Nix CheckCashing, recently released Nixland, an autobiography that includesa chapter on how he negotiated the $45 million sale of his businessto the $3.1 billion Kinecta Federal Credit Union in Manhattan Beach, Calif., in2007.

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