May 12, 2014

NCUA annual report lists goals achieved, missed

May 13, 2014 – NCUA gives an accounting of last year's goals and goals achievements – specific industry financials, assistance to credit unions and the agency's internal operations – in its 2013 annual report released Monday.

The report also addresses activities in the credit union industry, and agency Chairman Debbie Matz said last year, credit unions logged improvements. "A strengthening economy led to increased loan demand and fewer delinquencies, helping federally insured credit unions, as a whole, experience one of the best years on record," she said.

Carrie Hunt
Carrie Hunt

The report offers perspectives on a number of issues, including risk and regulatory deficiencies, which differ from NAFCU's, said Carrie Hunt, the association's senior vice president of government affairs and general counsel.

"2013 saw a lot of positives for credit unions, but NAFCU will press NCUA for relief from credit unions' growing regulatory burden," said Hunt. "Enough is enough. We will continue to seek changes to ease the pressure exerted on credit unions by NCUA's rules and proposed rules in several areas, particularly the agency's risk-based capital proposal."

The report also contains the audited reports on the four major funds managed by NCUA – Central Liquidity Facility, National Credit Union Share Insurance Fund, Temporary Corporate Credit Union Stabilization Fund and the agency's own operating fund. Hunt said NAFCU continues to seek more detailed financial information on these funds from NCUA.

In addition, it gives a 10-year summary of credit union industry trends. Last year, 167 federal and 98 federally insured, state-chartered credit unions were lost, leaving the totals at 4,105 FCUs and 2,449 FISCUs.

The report is online.