Richard said credit unions sometimes will provide services to members even if they know they won’t necessarily make money. Fast-cash loans as an alternative to payday lenders is one example.

“We are not profit maximizers,” Richard said. “We don’t try to maximize our return on assets or returns to investors. There are different ways you regulate the different kinds of institutions.”

Of course, the payday lending industry happily competes with all comers, even against credit unions that offer unprofitable services.