National Credit Union Administration Chairman Todd M. Harper, along with 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 and highlighted some of the NCUA’s efforts to strengthen the system. These efforts include enhancing cybersecurity, improving consumer financial protection, and NCUA rulemakings that address financial innovation and member expulsion. The Chairman noted a few critical legislative requests, which include Central Liquidity Facility enhancements, the need to restore NCUA’s third-party vendor authority, and amendments to the Federal Credit Union act to better enable the NCUA Board to proactively manage the Share Insurance Fund.
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 insures and protects 91 percent of total share deposits within the credit union system.