ALEXANDRIA, Va. (June 23, 2015) – The National Credit Union Administration today released its 2014 Annual Report. Found online here, the report highlights the agency’s activities, policy initiatives and accomplishments for the year.
“Last year marked the 80th anniversary of the Federal Credit Union Act, and it was a strong year in terms of credit union performance,” NCUA Board Chairman Debbie Matz said. “During 2014, NCUA also continued making real progress on our Regulatory Modernization Initiative, which began in 2011. This initiative focuses on modernizing NCUA’s rules and regulations to protect safety and soundness, as well as reducing the regulatory burden where appropriate. Ultimately, our actions in 2014 better positioned NCUA and credit unions to succeed in the future.”
For 2014, NCUA’s initiatives and accomplishments can be grouped into nine broad categories. Specifically, the agency focused on:
- Modernizing NCUA’s rules to account for emerging risks to the federally insured credit union system;
- Reducing the regulatory burden for credit unions by revising and removing regulations that limit flexibility and growth, without jeopardizing safety and soundness;
- Ensuring the safety and soundness of the system;
- Managing the resolution of the corporate credit union crisis of 2008–2010;
- Assisting credit unions so they can adapt and thrive in a changing environment;
- Protecting consumers, expanding access to affordable financial services and advancing financial literacy;
- Promoting transparency and developing strategic partnerships;
- Making NCUA an employer of choice; and
- Acting as a model corporate steward.
The 2014 Annual Report also assesses NCUA’s performance in meeting its strategic and agency priority goals and objectives. The report additionally contains the complete audited financial statements of each of NCUA’s four permanent funds. Finally, the historical data section of the report includes new data that provides stakeholders with a more detailed picture of the system’s financial performance for the last five years.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.