As Prepared for Delivery on April 9, 2026
Opening Statement for the Board Meeting
Thank you for joining us for the Board meeting today. We have four items on today’s agenda. First, we’ll have a briefing on NCUA’s FAQs on brokered and reciprocal deposits. Next, we’ll have a presentation on the Deregulation Project. And finally, we’ll have briefings on the 2026-2030 Strategic Plan, that's the third item. And then the fourth and final item is 2026 Annual Performance Plan.
I’d also like to provide a few updates before we begin.
As you all know, making it easier to start a credit union is a priority of mine. I’m pleased to announce progress towards that goal.
At the end of March, we updated the Charter Application Guide. This update will allow for easier navigation for potential applicants.
We also updated the system for applying for a charter, known as the Consumer Access Processing and Reporting Information System, or CAPRIS. This CAPRIS update focused on the charter application process. The first phase of this process is focused on Establishing a Field of Membership.
The Office of Credit Union Resources and Expansion, or CURE, has been hard at work to reduce the submission requirements for prospective applicants who are working on the Field of Membership phase of the charter process.
The resulting changes make CAPRIS easier to navigate. Additionally, applicants can now submit their Phase 1 form securely web.
CURE has CAPRIS system user instructions to assist prospective applicants and is in the process of developing demonstration videos to provide further assistance. These videos will be out in the coming months.
Additional updates to other phases of the Chartering Guide are forthcoming. I appreciate the hard work of CURE and supporting offices.
One another note, at the December Board meeting I mentioned the agency’s reorganization.
It will take some time to transition from our present state, but we currently expect full implementation of the agency reorganization by December 31, 2027.
This timeline allows our Implementation Team to finalize details, gather input, meet bargaining requirements, and ensure a smooth transition to the new structure.
Later in the Board Meeting, Acting CFO Melissa Lowden will highlight how the reorganization aligns with the agency’s future planning.
Statement Following the Brokered and Reciprocal Deposit FAQs Briefing
Frank, thank you for your presentation on Brokered and Reciprocal Deposits FAQs.
My purpose in issuing this set of FAQs was to offer regulatory clarity for federally insured credit unions (FICUs), confirming that participation in brokered and reciprocal deposit networks is permitted.
This was a necessary step to dispel any uncertainty or hesitation among FICUs who may be interested in participating in such networks.
These FAQs are meant only to inform credit unions and other credit union stakeholders about what is permissible. NCUA is not encouraging action (or inaction) and NCUA is not advocating for particular networks or vendors, or the use of a network at all.
Brokered deposits can be a great asset to credit unions by offering large amounts of liquidity while reciprocal deposits allow members to place large balances and still receive full share insurance protection.
The benefits are vast and go beyond these examples, but there are possible disadvantages to consider.
As you mentioned Frank, an overreliance on brokered and reciprocal deposits can increase a FICU’s risk profile and lead to higher rates and downgrades in CAMELS ratings.
So, as credit unions explore these options, they should weigh the pros and cons for their specific institutions.
I believe these FAQs will provide greater clarity for credit unions looking to participate in these networks and offer these services.
While I must reemphasize that Field of Membership regulations still apply, credit unions should have a better understanding of what is permissible.
Statement Following the NCUA Deregulation Project Briefing
Amanda, thank you for your Board briefing on the NCUA Deregulation Project.
I’m encouraged by the progress that’s been made in just these last months since we announced the Deregulation Project in December.
As you noted, we’ve already released 29 Notice of Proposed Rulemakings and received more than 200 comments. And we are not done. Just this week, we announced the ninth round of deregulation proposals, which relates to Chartering and Field of Membership eligibility.
We intend to keep moving on Phase 1 of the Deregulation Project while continuing to focus our attention on other regulatory priorities like the implementation of the GENIUS ACT.
Statement Following the 2026-2030 Strategic Plan Briefing
Melissa and Jim, thank you for your presentation on NCUA’s 2026-2030 Strategic Plan.
Our strategic plan sets forth NCUA’s mission, vision, and values. It also establishes NCUA’s goals and objectives for the next remainder of the Administration.
As Melissa noted - this plan wasn’t developed in a vacuum. It relied on input from stakeholders internally and externally.
We’re proud to have hosted our first-ever Strategic Plan Town Hall where we sought out input from credit unions, CUSOs, leagues, and trades. We also invited the general public and our NCUA employees to provide feedback and recommendations through the AskNCUA tool. Altogether – we received more than 250 responses.
I appreciate the time and efforts of those who provided NCUA with your feedback. Your input has helped shape the next chapter of the NCUA’s work. It’s truly what the credit union principle of “people helping people” is all about.
I am pleased to publicly release this Strategic Plan today, which establishes NCUA’s three strategic goals for the upcoming years.
Statement Following the 2026 Annual Performance Plan Briefing
Melissa and Jim, thank you for your presentation on the NCUA’s 2026 Annual Performance Plan.
As you noted, our 2026 Annual Performance Plan establishes the agency’s performance priorities for the first year of our 2026 – 2030 Strategic Plan. It provides specific and measurable outcomes to guide our progress and performance throughout the remainder of 2026.
I have a few questions for you about all of these reports, which will hopefully help clarify for the public why we are doing all of this. We’ve issued a lot of reports lately. Last week, we released the 2025 Annual Report. Today, we’re releasing the 2026 – 2030 Strategic Plan and the 2026 Annual Performance Plan.