“The position of our agency has been that the business decisions of the credit union rest with the management or the board, and not with our agency. The motto outside the Chairman’s door is: We don’t run credit unions.
“Bucky Sebastian, General Counsel and Executive Director, NCUA before the House Committee on Government Operations, Hearing on Federal Supervision and the Failure of Penn Square Bank, Oklahoma City, OK July 16, 1982.
“. . .it seemed as though we would never escape the attitude that the regulator knows best. . .A dramatic change has taken place in the last few years. We now have a federal regulatory agency which openly concedes that credit union people know more about running credit unions than the agency does.”
– Frank Wielga, CEO, Pennsylvania State Employees Credit Union, NCUA 1984 Annual Report, page 14.