After a relatively quiet start, the month of September has produced a veritable news squall. Since mid-month, industry news has been loud, fast and furious.

First out of the gate was the NCUA board's approval on Sept. 17 to increase the small credit union definition to less than $100 million. The agency raised that threshold quickly during the past few years; as recently as 2012, it was only $10 million. The move will exempt 76% of credit unions from some regulations.

Still, Board Member Mark McWatters opined the increase was not enough. Bank regulators define a small bank as $550 million in assets or less. Banks and credit unions compete in the same marketplace, McWatters reasoned, so credit unions deserve reg relief parity. NCUA Chairman Debbie Matz responded, saying if the threshold were raised to $550 million, 93% of credit unions would be considered small.

So what, McWatters shot back. Small is small.

The disagreement spurred an interesting debate on the interpretation of the Regulatory Flexibility Act on CU Times' website and I'm grateful all three board members weighed in on the topic.

What was missing from the debate was discussion about how the credit union industry is separating into two tiers as large credit unions grow larger and small credit unions remain the same size or are merged into larger cooperatives. While I applaud the NCUA's acknowledgment that some rules, like stress testing and derivatives, are only appropriate for large institutions, I can't help but wonder what plans are being laid behind the scenes to deal with the bifurcation of the industry.

I wrote about the move toward a two-tiered regulatory regime back in February when the NCUA's Larry Fazio told the Senate Banking Committee the regulator was considering an increase to the small credit union threshold.

This big getting bigger trend is also playing out in the banking industry. Yes, parity with banks makes sense from a competitive standpoint; McWatters has a valid point. Large credit unions already have more in common with mid-size banks competitively and operationally than they do with small credit unions. However, be forewarned: The more regulatory parity credit unions share with banks of similar size, the less sense it makes to retain an independent credit union insurance fund and regulator.

CUNA's Sept. 17 announcement that its board voted against adopting changes recommended by its task force was also big news. While many were hoping CUNA would allow credit unions to only pay league dues if they wanted to, I don't think the board's decision was a shock to most. CUNA has been down this road before and it's obvious to everyone the leagues provide much of the trade's value proposition. I wasn't as disappointed in the board's decision as I was that CUNA said so little regarding it beyond its official release. Officials struggled with our questions during a press call the following Monday. When the Michigan league revealed on Monday its board had decided to allow members to only join the league, our requests for a reaction from CUNA went unanswered.

If CUNA feels its dual membership requirement is the right thing for the trade association and the industry, it should stand behind its board's decision and proudly communicate that confidence. Likewise, CUNA refused to answer our questions on its Sept. 23 announcement regarding a reduction in dues for 2016. A lack of details and refusal to answer follow up questions gave the appearance the trade was pandering for positive press, and that's a shame.

Friday, Sept. 18 was a busy day for the NCUA when it seized two credit unions: The $178 million Montauk Credit Union and the $12.9 million Bethex Credit Union. Montauk was a surprise but not a shock; the taxi industry has widely publicized problems competing with app-based ride services such as Uber, and taxi medallion values have plummeted. Like a homeowner severely underwater, of course some medallion borrowers will strategically default on those loans.

The Bethex conservatorship wasn't a shock either. The credit union had been struggling for some time, and disposed CEO Joy Cousminer is no shrinking violet. I've never met her, but I've heard others compare her to the late Larry Sharp. With a comparison to the fiery CEO who wasn't afraid to stand up to regulators, I suspect we haven't heard the last of this conservatorship.