NCUA Chairman Harper Testifies Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
National Credit Union Administration Chairman Todd M. Harper and other financial regulatory agency principals testified today at a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
Chairman Harper provided the Committee with a state of the credit union system, highlighting the growth in assets, outstanding loans, and aggregate net worth ratio. He also noted emerging issues and trends, including an increase in the number of composite CAMELS code 3, 4, and 5 credit unions; rate and liquidity risks; and delinquency rates. The Chairman urged Congress to restore the Central Liquidity Facility’s corporate credit union and agency member provisions, along with the NCUA’s authority to examine and supervise CUSOs and third-party vendors.
Additionally, Chairman Harper provided the Committee with an overview of the performance of the National Credit Union Share Insurance Fund, noting that the fund continues to perform well, and no premiums are expected. He assured the Committee that the NCUA stands ready to address the impact of evolving risks and will continue to coordinate with other financial regulators to ensure the overall resiliency and stability of the nation’s financial services system and economy.