As Prepared for Delivery on March 17, 2022
Thank you all for your presentation on the NCUA’s 2022 Annual Performance Plan. Regulation is vitally important in ensuring the safety and soundness of the credit union system. But regulation should be effective and not excessive. That is why I want to see a regulatory system that is effective and not excessive as we fulfill our primary mission of protecting the safety and soundness of the credit union system and the National Credit Union Share Insurance Fund.
As we look back to last year’s annual performance plan, how many targets were not met and how many were met?
Thank you. I support having stretch goals. But I do have to ask, what are some of the actual steps to hold staff accountable for the implementation of the 2022 plan?
The 2022 Annual Performance Plan before us today is about looking ahead. I am pleased to see that we are adding a metric on making the Normal Operating Level calculation public in addition to having metrics established for fintech regulation and distributed ledger technology.
I also am glad that we will be looking at low-income designations and the impact the recent Census may have on these areas. I fully support the idea that a low-income designated credit union should always be a low-income designated credit union because we should want areas to grow out of this designation. Additionally, this is how the NCUA treats underserved areas today. In other words, once an underserved area, always an underserved area.
I have no questions.