Recently, there has been conversation about a petition put forth by an individual seeking to secure a seat on the NCUA Board. The campaign to secure a position is based on the premise that a candidate for the office should be required to take a litmus test to confirm that they understand the cooperative principles on which credit unions are founded and operate and that they are committed to formulate regulations and exam requirements based on those principles. 

I believe it goes without saying that any person involved in the credit union industry, be they a regulator, credit union official, trade association representative and even a vendor, needs to understand what credit unions are about, who they serve and the purpose for which they are founded. 

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Peter Westerman


Credit Union Times

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