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Democrats took the House and Senate on Tuesday, sweeping both chambers at the expense of the party in the White House. The Friday after, I sat down with John McKechnie and Geoff Bacino, both formerly of NCUA, to talk through what it means for credit unions and for the agency that examines them. John has seen this before. He points to 1994, when Republicans took both chambers und...

By Mark Treichel | Credit Union History Consolidation is one of the most talked-about trends in the credit union industry. Every quarter brings another round of mergers, and every year the count of credit unions gets smaller. It is easy to assume this is a recent story. It isn’t. The turning point is on page one of NCUA’s 1971 annual report, mentioned almost in passing. From “Fe...

By Mark Treichel | Credit Union History October 29, 1929. Black Tuesday. In New York, the stock market was in free fall, and the day would become shorthand for the start of the Great Depression. In Norfolk, Virginia, the afternoon paper carried a different kind of financial story on page 28. The Norfolk Ledger-Dispatch, Tuesday, October 29, 1929. "Truxtun Gives Hearty Endorsemen...

NCUA’s deregulation project is moving again. John Crews’s first package includes three proposed rules out for comment, and one of them rewrites the incidental powers rule to say what NCUA said it meant in 2001. This is a clarifying rule, not a new power. One sentence is being struck from the petition section. The scope section drops the legal opinion path. There are zero new req...

By Mark Treichel | Credit Union History Every credit union member today walks in knowing their money is federally insured. The sticker is on the door. Nobody thinks about it. But in 1970, that protection was brand new. And the first time it was ever tested — the first time the fund actually paid members of a failed credit union — it happened in a small farmers’ credit union in S...