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NCUA annual report underscores focus on economic, financial challenges
The NCUA released its 2022 Annual Report Tuesday highlighting the agency’s top activities, policy initiatives, and key accomplishments from the previous year. The report showed a heavy focus on helping credit unions navigate the shifting economic landscape and associated financial challenges.
“In 2022, the NCUA focused its efforts on protecting and benefiting more than 135 million credit union members, who entrust their hard-earned savings to federally insured credit unions,” said NCUA Chairman Todd Harper. “Looking ahead, the NCUA will remain focused on risks to the system involving interest rates, liquidity, cybersecurity, and consumer compliance.”
In 2022, the NCUA Board also acted on several proposed rules related to financial innovation, amendments to the subordinated debt rule as well as cyber notification requirements. The agency also released the Simplified CECL Tool to help credit unions as they implement the CAMELS rating system and risk-based capital standards.
“As we navigate through the challenges that 2023 will pose, the NCUA will continue to address the needs and best interests of credit union members while also ensuring the safety and soundness of credit unions and protecting the Share Insurance Fund from losses,” said Harper.
Read the full report. NAFCU continues to work with the NCUA to ensure credit unions have all they tools they need to best serve their members.