NCUA Releases Its 2018 Annual Report

ALEXANDRIA, Va.—NCUA has released its 2018 Annual Report.

NCUA Report

During 2018, NCUA said it undertook several initiatives to reduce the regulatory burden and improve its operations over the long-term. According to the agency, the most signification actions included:

  • Distributing $735.7 million in Share Insurance Fund dividends to more than 5,700 eligible institutions — the largest distribution in the fund’s history
  • Approving five substantive changes to the NCUA’s regulatory structure that balanced safety and soundness with regulatory relief
  • Creating a blueprint for future regulatory reform and a mechanism for the public to view progress in meeting these goals
  • Completing the last phases of the agency’s 2017 realignment by closing two regional offices and moving to a new, three-region structure at the start of 2019
  • Making sizeable investments in new technology and systems that will allow the agency to carry out its examination and supervision program more efficiently and with a reduced regulatory footprint in the future

‘Very Productive Year’

“The annual report highlights a very productive year for the NCUA,” NCUA Board Chairman J. Mark McWatters said. “Along with the largest Share Insurance Fund dividend ever paid, we took significant steps to streamline our regulatory structure, make the agency’s operations more efficient, and expand access to affordable financial services.  By working together, the NCUA Board created sound public policy that will allow the agency and the credit union system to meet future challenges and opportunities.”

The 2018 Annual Report documents NCUA’s performance in meeting its strategic goals and objectives as detailed in the 2018–2022 Strategic Plan, the agency noted.  The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2018. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws, and data on credit union financial performance during the year, the agency said.

Section: Standard
Word Count: 502
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/NCUA-Releases-Its-2018-Annual-Report