This opinion piece is half of a new Credit Union Times feature Forum Focus, which will comprise opposing viewpoints on key credit union issues.

While most of us were busy dealing with regulatory assessments and fiats, an unrelenting onslaught of new consumer protections and compliance mandates, our business was changing. We used to be in the banking business (because credit unioning doesn't roll off the tongue very well).

The banking business is all about process. In that business we developed processes to facilitate the transfer of currency between people. Those processes required that we build branch offices and have a physical presence for people to transact business with us. Those facilities had vaults and bullet-proof glass, dye-packs and, in some cases, man-trap entries and security guards. They had to be secure because we loaded up our vaults and safes with bundles of cash, which was the currency of the day.