As Prepared for Delivery on December 3, 2020
Thank you, Secretary Mnuchin.
I am pleased to support the FSOC’s 2020 Annual Report, which addresses risks to the financial system and how the agencies of this body have mitigated these risks before and during the COVID-19 pandemic.
When the pandemic began, all the agencies assembled here acted decisively to ensure continued financial stability. Using our existing authority and those provided in the CARES Act, our agencies continue this vital work.
As noted in the Annual Report, the credit union system continues to serve its members and provide needed credit to families and small businesses. Well-capitalized, the system has a net worth ratio of 10.5 percent and $1.75 trillion in assets as well as ample liquidity following the statutory enhancements made to the Central Liquidity Facility.
While challenges remain, credit unions are well-positioned to support our nation’s economic recovery post-pandemic.
Finally, I wish to thank you, Secretary Mnuchin, and the FSOC’s talented staff for fostering a collaborative environment over the years and during this challenging period.