These reports are the results of audits conducted by the NCUA OIG. They include mandatory audits such as NCUA's Financial Statement Audits, the Federal Information Security Management Act (FISMA) and Material Loss Reviews. In addition, these reports include discretionary audits selected and performed by the OIG on areas of greatest importance to improve operations at NCUA.
The Dodd-Frank Wall Street Reform and Consumer Protection Act obligates the NCUA OIG to conduct material loss reviews (MLRs) of credit unions that incurred a loss of $25 million or more to the National Credit Union Share Insurance Fund. In addition, Dodd-Frank requires the OIG to review all losses under the $25 million threshold to assess whether an in-depth review is warranted due to unusual circumstances.
The NCUA OIG plans its work to identify and respond to issues that are of greatest importance to NCUA. For purposes of the Annual Plan, the OIG identifies prospective audit and investigative work that is responsive to NCUA's strategic goals.
The NCUA OIG's mission is to promote efficiency and effectiveness in NCUA programs and operations. These Semiannual Reports to Congress summarize the major activities and accomplishments of the NCUA OIG during the reporting period.