Pundits and philosophers have noted that throughout history there is nothing permanent except change. Sometimes we create the change; other times, we respond to it. But we should never ignore it.

A great deal of change has occurred in the credit union industry in recent years, and the NCUA is committed to building a more flexible regulatory structure that parallels the industry's evolution. To do this, the NCUA monitors trends in credit unions, the marketplace, and the economy. We learn from experience; and, perhaps most important, we listen.

Fortunately, the economy is recovering. Unemployment has fallen from double-digit highs. Credit union industry performance is improving. Capital levels exceed a healthy 10%; loan delinquencies are shrinking; earnings exceed 85 basis points; and membership is growing at nearly double the pre-recession rate.