An April 26 opinion piece by the CEO of the Michigan Credit Union League, among other things opines "bankers will fail in their quest to contain and convert."

In reality, the strategy of "containing" credit unions has already succeeded. Furthermore, the constraints will multiply in the months ahead, aided by economic conditions, the courts, and legislative actions/inactions, both state and federal. Nevertheless, credit union lobbyists and NCUA still promote the illusion that increased business lending authority, lower capital requirements, and access to secondary capital are forthcoming. In reality, these folks have to know it's not going to happen. And so, like the bankers, they are executing a similar "contain and collect" strategy.

Over eight years ago, H.R. 1151 "contained" credit unions by requiring they carry at least 40% more capital than banks. This is history, and it yields the indisputable mathematical result that a mutual savings bank can hold more assets, accept more deposits, and make more loans than a credit union with an equal amount of net worth.