Will There Be A Run On The Credit Union?

But after such a bold and almost unprecedented takeover, what should happen if instead of riding out the changes the Credit Unions members decide to simply cut and run?

That's what we asked Kareem Michael today:

And Michael also fielded a question about why these all-important actions to stabilize and protect St. Francis Xavier came so late.

The Central Bank will be re-engaging the Credit Union League and the Credit Unions countrywide on a new and modernized Credit Union Act. Kareem Micheal says the Central Bank intends to present that new act before the end of the year.