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Michael Faughnan is managing director of fixed-income strategies at First Empire Securities. Contact: 631-979-0097 or mfaughnan@1empire.com

While some believe the overall financial condition of the credit union industry has improved since a near collapse several years ago, the number of credit unions considered for conservatorship is still high. The NCUA reports that more than 15% of federally insured credit union assets are troubled. In an economic climate that is yielding diminished margins for credit unions, it is not too far-fetched to believe that the balance sheets of many of these institutions could slowly bleed out if they do not embrace change.

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