NCUA Releases 2023 Annual Report
The National Credit Union Administration today released its 2023 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
“In 2023, the NCUA focused its efforts on protecting consumers and their deposits in federally insured credit unions, maintaining the strength of the credit union system and the National Share Insurance Fund, and expanding access to safe, fair, and affordable financial services,” NCUA Chairman Todd M. Harper said. “America’s federally insured credit unions overall remain safe, stable, and well-capitalized. That is thanks in large part to the work and dedication of the NCUA team and my fellow Board members.”
The NCUA’s most significant initiatives in 2023 are highlighted in the report and grouped into four categories:
Responding to economic headwinds.
Advancing financial security, economic equity, and allyship.
Maintaining cyber resiliency.
Investing in our employees.
In 2023, the NCUA Board acted on several forward-looking measures, including:
Final rules on member expulsion and charitable donation accounts.
Proposed rules on field of membership and trust accounts.
Proposed changes to the interpretive ruling and policy statement on the agency’s Minority Depository Institution Preservation Program.
Among its other accomplishments in 2023, the NCUA developed new tools and dashboards to monitor and mitigate risks to the credit union system, fortified the Share Insurance Fund’s defenses, deployed updated Information Security Examination procedures, and issued three new federal credit union charters.
“For the credit union system to reach its full potential, the NCUA must stay focused on both its safety and soundness and consumer financial protection missions. To that end, the agency will continue to monitor credit union performance and coordinate with other federal financial institution regulators, as appropriate, to ensure the overall resiliency and stability of our nation’s financial services system and economy,” Chairman Harper said.
The 2023 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 2023. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.