ALEXANDRIA, Va. (March 13, 2017) – The National Credit Union Administration released today its 2016 Annual Report (opens new window), highlighting the agency’s activities, policy initiatives and accomplishments for 2016.
“By nearly every measure, the credit union system continued to perform well in 2016,” Acting NCUA Board Chairman J. Mark McWatters said. “While credit unions concentrated on serving the needs of their members, NCUA focused on improving the agency’s rules, procedures and processes. Notably, we finalized rules to expand consumer access to credit and provide regulatory relief for credit unions, consistent with the principles of safety and soundness.”
“Looking to the year ahead, NCUA plans to advance meaningful regulatory relief for credit unions, improve our examiner training, explore ways to improve the examination appeals process and study how the agency can address fraud at credit unions, among other areas,” McWatters said. “We will also continue to collaborate with stakeholders to ensure federally insured credit unions are able to meet the current and future financial needs of America’s families and small businesses.”
In 2016, NCUA engaged in number of rulemakings and initiatives designed to provide federally insured credit unions with measures of regulatory relief. Our most significant actions were:
The 2016 Annual Report assesses NCUA’s performance in meeting its strategic and agency priority goals and objectives, as well as future challenges facing the credit unions and NCUA. For 2016, the agency’s initiatives and accomplishments are grouped into five categories that reflect the agency’s strategic goals and priorities outlined in the 2014–2017 Strategic Plan (opens new window) and the 2016–2017 Annual Performance Plan (opens new window).
During 2016, the agency focused on:
The report contains the complete audited financial statements of NCUA’s four permanent funds, which earned unmodified, or “clean” opinions for 2016. The report further contains assurances of the agency’s compliance with financial management and other relevant laws, and statistics on credit union financial performance since 2011.
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