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Commentary

Preserving Diversity in the Credit Union System

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...

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.

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Tonya Knudesn

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