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NCUA Releases 2019 Annual Report

March 2020
NCUA Releases 2019 Annual Report

ALEXANDRIA, Va. (March 20, 2020) – The National Credit Union Administration today released its 2019 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.

“In 2019, the NCUA continued to make strides in several areas with initiatives aimed at reducing regulatory burdens, expanding financial opportunities, and protecting the safety and soundness of a credit union system with more than 120 million member-owners,” said NCUA Chairman Rodney E. Hood. “We remain committed to fulfilling our obligations as a regulator and insurer, by protecting consumers, insuring the deposits of credit union members, and safeguarding the National Credit Union Share Insurance Fund from losses.”

During 2019, the NCUA Board and the agency undertook several important initiatives to create a regulatory framework that is effective without being excessive, and to promote greater financial inclusion. Those actions include:

  • Approving a two-year delay of the implementation of the risk-based capital rule to allow time for further review and holistic improvements;
  • Finalizing a rule that raised the threshold on the level of public unit and non-member shares a credit union can receive;
  • Raising the threshold for commercial real estate transaction appraisals from $250,000 to $1 million;
  • Issuing new guidance on secondary capital plans for low-income designated credit unions;
  • Approving a final rule clarifying and updating federal credit union bylaws to provide greater flexibility in governance while protecting members’ rights and engagement.
  • Hosting the inaugural Diversity, Equity, and Inclusion Summit, attended by credit union industry stakeholders, and making this an annual event;
  • Issuing guidance to federally insured credit unions so they may provide certain financial services to legally operating hemp businesses;
  • Approving a final policy statement that extends “second-chance” opportunities to job applicants with minor, non-violent criminal offenses in their past; and
  • Adopting a final payday alternative loans rule enhancing credit unions’ ability to serve members who need short-term, small-dollar loans.

The 2019 Annual Report documents the NCUA’s performance in meeting its strategic goals and objectives as detailed in its strategic plan. The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2019. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws, and data on credit union financial performance during the year.

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