NCUA Chairman Todd M. Harper provides update on NCUA initiatives at CCUA Accelerate 2023
ALEXANDRIA, VA (May 8, 2023) — On Saturday, May 6, National Credit Union Administration Chairman Todd M. Harper spoke before the audience of the Cooperative Credit Union Association’s CU Accelerate 2023 event and participated in a fireside chat with CCUA President and CEO Ron McLean.
In his remarks, Chairman Harper said the NCUA is well-positioned to address issues that may arise from broader market concerns about liquidity in the financial services sector, and he urged credit unions to continue to manage their capital, interest rate risk, liquidity risk, and credit risk. The Chairman emphasized the importance of the Central Liquidity Facility as an emergency liquidity backstop for the industry and consumer financial protection, stating that safety and soundness and consumer compliance go together.
Chairman Harper also noted the NCUA’s initiatives in addressing cybersecurity risk, including the funding that is available to help credit unions become more resilient as part of the 2023 Community Development Revolving Loan Fund grant round that just opened. Additionally, Harper reminded attendees that the NCUA’s recent cyber incident notification rule goes into effect in September. The Chairman also summarized the NCUA’s legislative priorities, which include restoring third-party vendor authority and making the legislative enhancements made to the Central Liquidity Facility by the CARES Act permanent.
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.
