Financial regulation text on lit-up board Credit/Shutterstock

In the six months since the banking industry began facing unprecedented turmoil, U.S. financial regulatory leaders have been taking a hard look at the scope of risks tied to regional and small banks in an attempt to triage the credit tightening and liquidity that could leave its mark on the economy for months or years. While credit unions are not under the auspices of the same federal regulators, they are connected to the financial system and subject to the same contagions. A regulatory day of reckoning is coming for U.S. banks and credit unions, especially rules for small- and medium-sized institutions on liquidity risks. Since banks began borrowing at a record clip in spring, they are still scooping up Federal Reserve emergency loans from three programs at a rate of tens of billions each week.

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