Chairman Harper discusses performance data and legislative priorities in remarks at NAFCU Congressional Caucus
ALEXANDRIA, VA (September 12, 2023) — National Credit Union Administration Chairman Todd M. Harper spoke today before the audience of the National Association of Federally-Insured Credit Unions’ Congressional Caucus in Washington, D.C. In his remarks, Chairman Harper highlighted the recently released financial performance data for the industry, noting the growth in total assets, loans, membership, and net worth.
Chairman Harper also described warning signs in the data, including interest rate and liquidity risk, rising delinquency rates, growing balances on home equity lines of credit and other second liens, and increasing net charge-off ratios. He stressed the need for credit unions to manage their credit risks carefully and proactively manage interest rate risk.
Additionally, the Chairman discussed the NCUA Board’s ongoing engagement with Congress to amend the Central Liquidity Facility’s statutory requirements and why the NCUA needs to the authority to examine third-party vendors.
“Bolstering the CLF, restoring the NCUA’s vendor authority, and increasing the flexibilities of the Share Insurance Fund will enable the NCUA to help credit unions and the broader financial system to be safer, resilient, and prepared for unforeseen contingencies,” Harper said.
Chairman Harper’s full remarks are available on NCUA.gov.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
