As late U.S. Supreme Court Justice Potter Stewart said when he defined obscenity, "I know it when I see it."
The same explanation could be used to define regulatory capture, which refers to allegations that regulators have become too chummy with those they regulate.
The U.S. Government Accountability Office recently announced it is including the NCUA in its probe of regulatory capture among financial regulators. No specific allegations of regulatory capture were leveled against the NCUA at the time, although there have been some in the past.
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