Perhaps the best representation of large, modern day credit unions could be compared to the 1950s classic “The Blob” due to their seemingly unstoppable expansion outside of their narrowly-defined banking role. With a deferential regulator turning a blind eye to the abuse of tax preferences, large credit unions are free to swallow anything and everything in their path. Congress should address this unfair advantage before big credit unions absorb the rest of America’s financial services system.
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