WASHINGTON — Lobbyists from both CUNA and NAFCU are hard at work to both keep an eye upon and promote credit union interests in what is turning out to be burgeoning conversation among legislators and the administration over what changes and increases there may need to be to financial regulations.

So far credit unions have been somewhat remote from the conversation that has focused more closely on the largely unregulated so-called "shadow banking" industry of investment banks and other securities firms. But while those institutions have spurred the conversation and remain its focus, the talk has also spilled over into questions such as whether there should be as many financial regulators as there are, whether the current models for regulating the mortgage industry meet 21st century needs, and whether capital requirements for both depository and non-depository institutions need to be overhauled.

Credit union lobbyists from both associations said they are monitoring the different parts of the conversation and arguing for improvements which, they contend, will help credit unions better meet needs of consumers and help them operate more safely and soundly.