Unfortunately, it has become increasingly difficult for the credit union industry to discuss the NCUA board’s regulatory rulemaking without a profusion of expletives. The NCUA’s regulatory pendulum has swung from the overly permissive cheerleading that led to the corporate credit union crisis to the opposite extreme of paralyzing restrictions and business plan- impaling prohibitions. This unending flood of rigid and restrictive rules leaves little doubt that the NCUA board intends to zealously micromanage federally insured credit unions in a compelling demonstration of interventionist government run amok.

In just a few short months of rulemaking, the NCUA has scolded federal credit unions about their financially illiterate boards of directors, reduced legal protections for volunteer board members, made mergers and conversions more complicated and costly, decreed that the NCUA board and senior staff rather than credit union officials know what’s best for every credit union’s members, and asserted that credit unions are not smart enough to decide how many corporate credit unions to which to belong, if any. The NCUA board has also promulgated new rules concerning executive compensation and the use of ratings agencies and established implementation plans for other mandates in the ill-conceived Dodd-Frank Act, such as requiring credit unions to have gender and ethnic diversity policies–with many more burdens to come. And that is just the short list of the credit union industry’s regulatory grievances.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.