Jeff,
Thanks for the reference to the credit union movement as being a solution to the worst excesses of the short-term high-cost lenders, albeit a historical one. Arguably the well run savings & credit cooperative brings the best of the savings group concept into the realm of formal organisation.
It's a sad indictment of today's credit unions in too many of the developed economies that are no longer fulfilling this role. A generalisation I know, with the sub-set of community development credit unions in the US, most of the Irish, many of the local municipality-supported in the UK, and the indigenously owned in NZ being some exceptions.
Cheers,
Greg
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