Credit union industry leaders promote false pride when stating that the nation's credit unions did not cause the current economic crisis in America. With less than 5% of the financial market, credit unions could not possibly cause the current macroeconomic challenges, but it is not for lack of trying. Industry leaders did a dandy job creating our own industry crisis.

The corporate credit union debacle is very much an industry-bred blunder that started with the corporate credit unions asking for expanded investment authority. CUNA, NAFCU and NASCUS, without understanding downside risk, rallied behind the expanded investment request. NCUA, wanting to be industry-friendly instead of a prudent watchdog regulator, championed the corporate credit union investment authority. Today, no one wants to be held accountable for the billions of dollars lost as a result of the mismanaged corporate credit union expanded investment authority.

Reminiscent of the expanded corporate investment authority, we now have much of the same industry leadership pushing for expanded member business lending. Doubling MBL limits for natural person credit unions is not something a majority of credit unions want or need. Yet, if a minority of powerful credit unions and industry trade associations get their way, which they usually do, MBL could easily be the next industry crisis.