NCUA Chairman Harper testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
ALEXANDRIA, VA (November 14, 2023) — National Credit Union Administration Chairman Todd M. Harper and other financial regulatory agency principals testified today at a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
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; rate and liquidity 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. Senate Committee on Banking, Housing, and Urban Affairs
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.
