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Mutual Respect for Mutual Survival

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

By Sarah Snell Cooke | Updated on June 22, 2010

A natural tension exists between industry and regulators that can be healthy and helps keep both on their toes. But when a loss of respect occurs on either side, and currently on both sides, it becomes counterproductive. Both sides must earn back that respect for the good of the entire industry.

Several credit union failures have been spotlighted over the last couple of 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 said 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.

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