The credit union industry is safe, but it’s not sound. Perhaps the best way to turn that around is by turning the NCUA into a champion of the cooperative financial services movement.
The opportunity is there. The regulator’s three-person board could turn over in the coming months, making way for new appointees that beat the drum for credit unions and how they make America great.
That would be a radical change from the often adversarial relationship the NCUA has now with the financial institutions it regulates. The NCUA’s charge, of course, is to ensure the safety of the National Credit Union Share Insurance Fund. That’s happened, although some in the industry argue that safety is in spite of, not because of, the regulator’s best efforts.
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