Another CU flaw
You were kind to the credit unions when you did not mention an additional flaw in their business model: their capital (Capital Constraints, 2-15-10).
Credit unions do not expense their deposit insurance premiums paid to CUNA: they capitalize them. Now when CUNA is taking hits, the credit unions must write down that asset, reducing capital at the wrong time!
First National Bank
Milaca . . .
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