ALEXANDRIA, Va. (March 21, 2023) – The National Credit Union Administration today released its 2022 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
“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,” Chairman Todd M. Harper said. “Looking ahead, the NCUA will remain focused on risks to the system involving interest rates, liquidity, cybersecurity, and consumer compliance. And, we will continue our efforts to enact needed legislative reforms like enhancements to the Central Liquidity Facility and restoring third-party vendor authority.”
The NCUA’s most significant initiatives in 2022 are highlighted in the report and grouped into five categories:
- Responding to evolving economic and financial challenges;
- Strengthening the credit union system’s capital levels;
- Increasing cyber resiliency;
- Supporting small credit unions and minority depository institutions; and
- Fostering greater diversity, equity, inclusion, and belonging.
In 2022, the NCUA Board acted on several forward-looking measures, including proposed rules on financial innovation, amendments to the subordinated debt rule, and cyber notification requirements. The agency adopted a new enterprise risk appetite statement, developed the Information Security Examination, released the Simplified CECL Tool, implemented the CAMELS rating system and risk-based capital standards, and deployed the new MERIT examination system.
Additionally, the NCUA approved four new credit union charters and facilitated the ability of community development and minority depository institutions to access low-cost, long-term secondary capital.
“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,” Chairman Harper said. “We will work to allow the credit union system to innovate responsibly and evolve. By staying focused on these issues, the agency will ensure that the cooperative credit union system achieves its full potential, especially in meeting the credit and savings needs of people of modest means.”
The 2022 Annual Report documents the NCUA’s performance in meeting its strategic goals and objectives as detailed in its strategic plan, and annual performance plan. The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2022. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.