The world of banking and financial services continues to undergo tumultuous change; bank consolidation, international mergers, the sweeping away of the final vestiges of the Glass-Steagall Act separating investment and commercial banking, just to name a few.
And while not as glamorous as the foregoing, traditional banking still faces competition from an increasingly powerful set of rivals; federally chartered credit unions. Indeed, these prosaic alternatives to entrenched commercial banks have now been further empowered by a federal appellate court decision that rejected a powerful banking lobby’s challenge to their growing aspirations.
