ALEXANDRIA, Va. (March 20, 2018) – The National Credit Union Administration today released its 2017 Annual Report, highlighting the agency’s activities, policy initiatives and accomplishments for 2017.
“In 2017, we took a number of significant steps to strengthen the credit union system and to improve the NCUA’s efficiency, effectiveness, transparency, and accountability,” NCUA Board Chairman J. Mark McWatters said. “We also continued to make critical investments in new technology, processes, and systems that will reduce our regulatory footprint in credit unions in the future. Our accomplishments during the year are a testament to the professionalism and dedication of the NCUA’s employees.
“In 2018, we will advance several initiatives that will further reduce the regulatory burden on credit unions and improve the agency’s operations,” McWatters said. “Additionally, developing targeted regulation that is accompanied by a thoughtfully tailored supervisory and examination program will help the credit union community grow, thrive, and prosper. Through these efforts, and with the continued support of stakeholders in the credit union community and in Congress, we can lay the foundation for a more innovative and dynamic credit union system of the future.”
Throughout 2017, the NCUA undertook a number of initiatives that strengthened the credit union system and enhanced the agency’s ability to carry out all aspects of its mission in a more efficient and effective manner. Our most significant actions were:
- Closing the Temporary Corporate Credit Union Stabilization Fund prior to its scheduled expiration of 2021 and transferring its assets into the National Credit Union Share Insurance Fund;
- Implementing an agency-wide realignment that consolidated several agency functions at the start of 2018 and will close two regional offices in 2019;
- Making sizeable investments in new technology that will allow the agency to conduct its supervisory and examination functions in the future more efficiently and with fewer disruptions to credit union operations;
- Enhancing the transparency and accountability of the NCUA’s decisions, operations and budget; and
- Taking steps to provide meaningful and significant regulatory relief.
The 2017 Annual Report assesses the NCUA’s performance in meeting its strategic and agency priority goals and objectives as well as future challenges facing the credit unions and the agency.
For 2017, the agency’s initiatives and accomplishments fell into three categories that reflected the agency’s strategic goals and priorities outlined in the 2017–2021 Strategic Plan:
- Ensure a safe, sound and sustainable credit union system;
- Promote consumer protection and financial literacy; and
- Cultivate an inclusive, collaborative workplace at the NCUA that maximizes productivity and enhances impact.
The report also contains the audited financial statements of the NCUA’s four funds, which earned unmodified or “clean” opinions for 2017. The report further contains assurances of the agency’s compliance with financial management guidelines and other relevant laws, and statistics on credit union financial performance since 2012.
The 2017 Annual Report is available on the NCUA’s public website, 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.