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The National Credit Union Administration would give tentative OKs to organizers of startups so they can secure enough capital for a final approval, Vice Chairman Kyle Hauptman says. Some industry observers describe the plan as a step in the right direction, while others complain more has to be done to foster new credit unions.
Should credit union leaders continually seek to acquire and merge sound, long-serving credit unions, like VSECU, to fulfill their individual ambitions, I believe this will lead to the demise of the cooperative credit union movement.