I have read with great interest recent articles on corporate credit union mergers and NCUA's seemingly reversal of its "too big to fail" stance.

I am amazed that credit unions and the NCUA are willing to basically have the same corporate credit unions that cost credit unions so much money, and caused them diminished reputations, to have so much control over the credit union system again. Have we learned nothing? All the regulations in the world will not fix over concentrations. Does anyone really think the resurrected Members United and Southeast's of the world will really not fall back into the same pattern of chasing rates and pressuring the NCUA for more authority when they cannot earn enough income from margins on correspondent services? 

And what about these quoted consultants that have never been directly involved in corporate credit union operations? What expertise do they really have in this area? The consultants fail to fully understand that the larger corporate credit unions, with their larger infrastructures, cost more to run and end up being inefficient and actually lead to decisions to take more risk than smaller corporate credit unions due to the need to create more margin to support their infrastructure. Crazy isn't it?