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NCUA’s Four Permanent Funds Receive Clean Audit Opinions for 2017

Reports Cover Share Insurance Fund, Operating Fund, CLF and CDRLF

ALEXANDRIA, Va. (Feb. 15, 2018) – The National Credit Union Administration’s four permanent funds have again earned unmodified, or “clean,” audit opinions for 2017, according to audited financial statements released today by the agency’s Office of the Inspector General.

“Prudent financial management and transparency go hand-in-hand,” NCUA Board Chairman J. Mark McWatters said. “I commend our staff who put in the hard work to oversee these funds, and making the annual audit reports easily accessible to the public reinforces confidence in that management.”

The financial statements, audited by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund.

The Share Insurance Fund, which protects the deposits of more than 110 million members at more than 5,600 federally insured credit unions, held more than $16.6 billion in total assets as of Dec. 31, 2017.

The NCUA Board closed the Temporary Corporate Credit Union Stabilization Fund effective Oct. 1, 2017, merging it with the Share Insurance Fund. The final Stabilization Fund audit report was completed on Nov. 15, 2017.

The NCUA’s complete financial report for 2017 is available online here.




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.

--NCUA--

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Contacts:

John Fairbanks
Office: 703.518.6336
Mobile: 571.438.0801
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223
bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"

9/20/2018 5:52 PM