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Corporate System Resolution Enters Final Phase

March 2022
Corporate System Resolution Enters Final Phase

Board Action Bulletin

NCUA Board Approves NCUA Strategic, Annual Performance Plans

ALEXANDRIA, Va. (March 17, 2022) – Through a live webcast, the National Credit Union Administration Board held its third open meeting of 2022 and unanimously approved two items:

  • The NCUA’s Strategic Plan 2022–2026; and
  • The agency’s 2022 Annual Performance Plan.

The President of the NCUA’s Asset Management and Assistance Center and staff from the agency’s NCUA Guaranteed Notes (NGN) Division briefed the NCUA Board on the status of the Corporate System Resolution.

At the start of the meeting, NCUA Chairman Todd M. Harper addressed the conflict in Ukraine, saying, “[w]e at the NCUA stand united with the Ukrainian people in support of their desire for freedom, democracy, and independence.” Chairman Harper also noted the conflict has raised concerns about potential cyberattacks and he stressed the need for credit unions to be prepared. “I cannot stress this enough: all credit unions and vendors, regardless of size, are potential targets for cyberattacks and must remain vigilant,” he said.

Credit unions are urged to implement industry-standard cybersecurity best practices like enforcing multifactor authentication, strong password use, and educating their employees on phishing campaigns and how to identify and report phishing emails and text messages. NCUA’s Cybersecurity Resources webpage includes information on the agency’s Automated Cybersecurity Evaluation Toolbox (ACET) for federally insured credit unions to evaluate their cybersecurity posture.

Corporate System Resolution Enters Final Phase

NCUA staff briefed the NCUA Board on the Corporate System Resolution, noting the agency continues to hold accountable those that contributed to the corporate crisis. The briefing stressed the importance of minimizing costs and maximizing recoveries and returns to the credit unions.

“It has taken us a long time to get here, but we are at long last entering the final phase of the Corporate System Resolution,” Harper said. “By pursuing the least-costly resolution of the corporate crisis and taking bold action in court, we have recovered and returned nearly $2.2 billion to member capital account holders — with the potential for more distributions in the months ahead.”

As part of their briefing, the NCUA staff emphasized the remaining resolution components: liquidating the remaining assets, pursuing litigation, and continuing to make corporate distributions. The briefing also detailed pay priorities for asset management estates, noting that distributions to former member capital holders will occur every six months subject to available cash, until the resolution program is completed.

The Corporate System Resolution is the landmark initiative established by the NCUA Board to stabilize, resolve, and reform the corporate credit union system in the wake of the 2008 financial crisis. The program allowed the credit union system to absorb the failures of U.S. Central, WesCorp, Southwest, Members United, and Constitution corporate credit unions over time.

Information on the Corporate System Resolution, including projections for the Corporate Asset Management Estates Recoveries and Claims and the process for determining when distributions are made to member capital account holders, can be found on the NCUA’s website.

NCUA Strategic Plan 2022–2026 Approved

The NCUA Board unanimously approved the NCUA’s 2022-2026 Strategic Plan, which describes the agency’s strategic goals and objectives for the next five years, summarizes an analysis of the internal and external environment affecting the agency, and evaluates the agency’s programs and risks. The plan also includes sample performance metrics the agency can use to monitor its performance and strategies that describe how the agency will achieve its strategic goals and objectives.

The Strategic Plan highlights the agency’s three strategic goals. As revised, these goals:

  • Ensure a safe, sound, and viable system of cooperative credit that protects consumers.
  • Improve the financial well-being of individuals and communities through access to affordable and equitable financial products and services.
  • Maximize organizational performance to enable mission success.

The plan also includes updated mission and vision statements, which have evolved to be more inclusive of the agency’s responsibilities and roles, and an enterprise-wide risk appetite statement that, in combination with the plan, provides additional information for NCUA management and stakeholders on the agency’s approach to achieving its goals and objectives.

NCUA Board Approves 2022 Annual Performance Plan

The NCUA Board unanimously approved the NCUA’s 2022 Annual Performance Plan, which describes the Board’s goals and priorities for the year, and provides stakeholders with an understanding of performance objectives, including performance measures and targets that support the goals in the NCUA’s 2022–2026 Strategic Plan.

The plan also describes the means, strategies, and specific actions the agency has resourced and intends to undertake to achieve each strategic objective.

The NCUA tweets all open Board meetings live. Follow @TheNCUA on Twitter, and access Board Action Memorandums and NCUA rule changes at The NCUA also live streams, archives and posts videos of open Board meetings online.

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