A March 28 Government Accountability Office report called for a streamlining of federal financial regulatory institutions – and it's not the first time federal financial regulators have been the subject of a culling of the herd.
Calling out the fragmentation and overlap of various depository institution regulators, the GAO was the most recent agency to recommend regulator consolidation. Similarly, the Treasury called for a consolidation in its March 2008 Blueprint for a Modernized Financial Regulatory Structure.
In the blueprint, the Treasury cited the increasingly indistinguishable nature between credit unions and banks. With the risk-based capital rule adopted by the NCUA in October 2015 and a call by the agency's Office of Inspector General to add S to the NCUA's CAMEL system, banks and credit unions are more closely mirroring banks than ever before from a regulatory standpoint.
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