Question: Why do credit unions deserve a credit-union specific regulator?

Answer: The uniqueness of the credit union business requires a regulator and examiners who understand our fundamental differences from others in the financial community.

Credit unions’ performance during the past economic downturn — they continued to lend when other financial institutions refused to extend credit, and far fewer credit unions have had to close their doors — shows the resiliency and importance of the credit union model. If the NCUA folded and credit unions became regulated by the same agency responsible for banks, they might well face pressure to become more like banks in order to survive. In an effort to create efficiencies, regulators would simply start applying one set of rules to two very different businesses.