A natural tension exists between industry and regulator that can be healthy and helps keep both on their toes. But when a loss of respect occurs on both sides, it becomes counterproductive.

Several credit union failures have been spotlighted in recent years that have many in the industry wondering what is going on and placing blame. Accusations, usually made in private, have been hurled at the NCUA regarding its lack of expertise, while the agency says credit unions are to blame, too. Some in the industry have referred to the NCUA as "vindictive" and "bullies"-again in private, while the agency issues regs repealing RegFlex and establishing board member qualifications.

A lot has been made of the corporate problems because that's the immediate crisis, but a growing one is looming for natural person credit unions that have been piled upon by the poor economy, unrestrained growth strategies, ever increasing regulatory burden, and the corporate assessments among other things.