All of us in the credit union industry–regulators, credit union professionals and directors–have a role to play. Our actions have consequences both short term and long term. I fear that the actions of some of us are leading credit unions on a path to mediocrity. 

Let’s start with the NCUA. Ask the NCUA, and they will tell you that its principal function is to protect the share insurance fund. There are two ways of protecting the fund, by surgically cutting out the risks or by full scale amputation of any risk. The NCUA has chosen the latter approach. The strategy is to identify the weakest links to the system (credit unions that have caused losses), determine the cause and implement rules to prevent that cause from occurring in all other credit unions. The strategy serves the purpose of protecting the share insurance fund in the short term but, I would argue, puts the fund and the industry at much greater risk in the long term. 

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