This framework offers the opportunity now to ensure that community banking can be put back on a solid basis. My own view, which is shared by some – though not all – experts and insiders, is that a degree of consolidation in the credit union sector is essential if it is to perform effectively for its members in the future.
This would mean some dilution of the very local control enjoyed by the members of some very small town-based credit unions, but it would be more than compensated by greater operational efficiency, range of services, and solidity.