NCUA releases 2021 Annual Report
ALEXANDRIA, VA (March 17, 2022) — The National Credit Union Administration today released its 2021 Annual Report(opens new window), highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
“In 2021, the NCUA worked to ensure credit union members were protected and the credit union system and the National Credit Union Share Insurance Fund were prepared to weather any economic fallout related to the pandemic,” Chairman Todd M. Harper said. “Despite the year’s many challenges, the credit union system, as a whole, continued to perform well, remaining well capitalized with sufficient levels of liquidity. This is a testament to the strength of the credit union system going into the pandemic and the skillful management of credit union CEOs, boards of directors, and NCUA employees over the last two years.”
The NCUA Board and the agency in 2021 focused on addressing the economic and financial disruptions resulting from the pandemic. These actions included:
- Protecting the health and safety of NCUA employees and contractors so the agency could continue to perform its mission;
- Assessing the impact of COVID-19 on credit union members and operations; and
- Analyzing how the pandemic will affect the future financial condition of credit unions and the Share Insurance Fund.
In 2021, the NCUA Board finalized several rulemakings to strengthen the credit union system and safeguard consumers, and the agency implemented new systems to support its examination program in the future. The NCUA also protected credit union members during the year, fostered greater diversity, equity, inclusion, and belonging in the NCUA and the credit union system, and advanced economic equity and justice by expanding access to safe, fair, and affordable financial products and services.
“As we continue to smartly and safely navigate through the pandemic and plan for the future, the NCUA will stay focused on addressing the needs and best interests of credit union members while also ensuring the safety and soundness of credit unions and protecting the Share Insurance Fund from losses,” Chairman Harper said. “By staying focused on these issues, the agency will ensure that the cooperative credit union movement achieves its full potential and addresses the long-standing issues of economic equity and justice.”
The 2021 Annual Report documents the NCUA’s performance in meeting its strategic goals and objectives as detailed in its strategic plan(opens new window), and annual performance plan(opens new window). The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2021. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.
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 124 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.