Without getting into details, it is my view that appropriate credit union legislation will need to address the following areas, particularly with respect to the higher-risk (let’s call it, Class A credit unions): (i)  It would need to define the classes of business in which credit unions could operate and perhaps require that credit unions receive approval from the regulator before entering new classes of business.
(ii)  It would need to give the regulator authority to examine the business and affairs of a Credit Union at least once every 18 months to ensure compliance, and to certify that it is in a sound financial state.