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NCUA Chairman Harper testifies before the U.S. House Committee on Financial Services

ALEXANDRIA, VA (November 16, 2022) — National Credit Union Administration Chairman Todd M. Harper, along with 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 and the factors that will affect its performance in 2023. He also discussed the status of the National Credit Union Share Insurance Fund and the Central Liquidity Facility (CLF), the need for the agency to have parity with other federal financial regulators in its ability to supervise third-party vendors, along with the NCUA’s efforts to preserve minority depository institutions and enhance the agency’s consumer financial protection program.

Chairman Harper also provided the Committee with an update on recent NCUA rulemakings that address the timely issues of member expulsion, subordinated debt, emergency capital investments, and cyber security notification, as well as NCUA guidance on the use of distributed ledger technologies.

The Chairman’s legislative requests included CLF permanency and the restoration of the NCUA’s third-party vendor authority.

Chairman Todd M. Harper Oral Statement before the U.S. House Committee on Financial Services

Chairman Todd M. Harper Written Testimony before the U.S. House Committee on Financial Services


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.

Contacts

Joe Adamoli
JAdamoli@ncua.gov
703.518.6572

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223
bhardaway@ncua.gov

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