David Hendricks' article, "Man, credit unions have really got their nerve," appears in the San Antonio Express-News (Feb. 26). It notes that "those darn credit unions" are "at it again, trying to lure business away from banks."
He tells the story about credit unions responding to member demands for small business loans. And then the banks got selfish.
"That's when credit unions became alarming, and banks knew what to do. They hired lobbyists to make sure the credit unions didn't get too big for their britches. Congress set things straight in 1998 by limiting credit-union business loans to 12.25 percent of any credit union's assets."
Mr. Hendricks is one smart business columnist. Read the entire piece here.