Just because you're paranoid, doesn't mean The Man isn't out to get you.
This overused saying nonetheless applies to all the announcements this past week by financial regulators seeking new authorities not only over entities they currently oversee, but over new ones as well.
Leading the pack for credit unions is the announcement by the NCUA in its September newsletter that it will ask Congress for new supervisory authorities over vendors. An NCUA requirement for vendors to submit financial statements isn't a new idea. Other banking regulators already require such disclosures; the NCUA is one of the few that doesn't. And, the NCUA was granted temporary authorities over vendors during Y2K.
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