Given the volatile nature of the recent economic crisis, it was inevitable that pressure would build on regulators to respond to the crisis with additional regulations. Certainly some of these new regulations were promulgated in response to poor practices that exposed gaps in regulation. If credit unions are feeling overwhelmed by new regulations and compliance obligations, it's completely understandable.
As regulators continue to provide for a safe and sound operating environment for credit unions, I encourage the system to not lose sight of what has worked for nearly 100 years–the credit union dual chartering system.
While the current system was not deliberately engineered, it provides important choice, competition and innovation for regulators and credit unions. NASCUS has long believed that the dual chartering system is a source of strength for the credit union system.
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