NCUA 2014-2017 plan highlights CU risks
Dec. 19, 2013 – NCUA on Wednesday released a draft of its strategic plan for 2014 through 2017 that outlines key risks for the credit union industry, cross-agency priority goals and management priorities and objectives.
The 25-page strategic plan highlights key risks for credit unions in the coming years, including third-party relationships (including with credit union service organizations), cybersecurity, lending and investment trends, consolidation trends and labor force participation.
To fulfill its mission and address key credit union risks, NCUA has four goals:
- ensure a safe, sound and sustainable credit union system;
- promote consumer protection and financial literacy;
- develop a regulatory environment that is transparent and effective with easy-to-understand regulations; and
- create an environment that fosters a well-trained, efficient staff.
To achieve these, NCUA says it plans, among other things, to:
- examine all federally insured credit unions above $250 million annually and those about $100 million every three years;
- issue industry guidance related to cybersecurity threats;
- maintain yearly National Credit Union Share Insurance Fund losses as a “percentage of total insured shares”;
- collaborate with other federal regulators on consumer financial protection regulations;
- complete the risk-based fair lending exam procedures;
- increase guidance to credit unions to reduce the number of compliance violations; and
- update and develop new regulations through annual regulatory review process.
NCUA strategic plan 2014-2017