The multinational company, Fexco, is trying to establish a joint venture with a small number of credit unions to provide services to credit unions. I can understand why Fexco would want to do this, if they can make a profit on the deal, but I can't understand what's in it for the credit unions, especially now that credit unions are getting bigger and can afford to invest in new services themselves. Indeed, there are other credit union owned initiatives already underway. In other countries, credit unions co-operate to form credit union owned entities called CUSOs, which provide shared services to credit unions and any surplus is ploughed back in to improve services or given back to the credit union owners as a dividend. But I've never heard of a joint venture with a stockbroking firm or foreign currency dealers, where any surplus will have to be divided up with a private, unlimited liability company. Is this the first step on the road to privatisation for these credit unions? Will the members of these large credit unions be consulted before a decision is made on changing the business model? Will the members get to vote on the change? It seems a strange route for these credit unions to take. Will the Fexco joint venture jeopardise the business model for the credit union movement?