National Credit Union Administration Chairman Todd M. Harper and other financial regulatory agency principals testified today at a hearing before the U.S. House Committee on Financial Services.
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; interest rate, liquidity, and credit 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.
Chairman Todd M. Harper written testimony before the U.S. House Committee on Financial Services