Man, we've really got to pick up the pace; we're just spinning! But let's go forward by backing up for a minute - OK?
First, we set out in Part I to try to answer two or three questions: 1) Is NCUA worth fighting for?, 2) Is the NCUA Board up to the task of reforming the agency?, and 3) How can you demonstrate that the Agency needs a diaper change - and not from "the bottom" up!?
The thinking was that we had to prove question #3 "beyond the shadow of doubt" if we ever hoped to have an intelligent debate and serious discussions about what Agency reform should look like and "why".
Just for the record, I believe credit unions do need an independent regulator and that the NCUA Board is up to the task ... and that "the right time" for reform is right now!
Are you with me so far....?
The end result of NCUA Basel-ball was that after almost two years
of expensive, reputation shattering struggle by the entire credit union industry; a defiant, recalcitrant NCUA staff was forced to recant its painfully public stab at regulatory idiocy and a final RBC rule - in line with national and international standards - was finally adopted on October 15, 2015.... two years of unnecessary embarrassment at great cost, while NCUA publicly pranced center stage, under the glare of the harsh-reality spotlights up on Capitol Hill.
Every knowledgeable participant in the financial arena who watched this battle to get the NCUA senior staff to do what was appropriate, to do what had been thoroughly debated, researched, and vetted by global regulatory experts over the prior 25 years knew, NCUA lacked professional depth... a high risk problem for everyone connected with credit unions in the current "take no prisoners" political and public policy environment.
Tomorrow we take a look at why it may be time for the coach to call a time-out and walk out to the mound...