Courtesy pay.
Pay Day Lending.

I’ve only been with credit unions since 1980. I worked for a teachers credit union, grocery store co-op, government employees and the high tech industry. They had a common bond and joined the credit union to pool their resources so they could get lower rates on loans and higher rates on deposits.

We called them when they were about to bounce a check (courtesy pay).
We encouraged them to apply for a share secured loan for emergencies (pay day lending).
We required a 20% down payment on a new car loan (sub-prime).
We created special savings programs, like the Teachers Depsoit Fund (underserved).

We had no competition.

So, what happened? How did the definitions change so dramatically?