NCUA annual report: Efforts related to pandemic dominate 2020 activities

The NCUA has released its 2020 annual report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year, which predominately focused on efforts related to impacts of the pandemic.

The report documents the agency’s performance in meeting its strategic goals and objectives as detailed in its strategic plan and annual performance plan. The report also contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2020. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.

During 2020, the NCUA Board and agency efforts primarily focused on addressing the economic and financial disruptions resulting from the COVID-19 pandemic, which included:

  • protecting agency staff and contractors and the staff and members of credit unions by moving to a remote operations posture at the start of the pandemic;
  • strengthening the Central Liquidity Facility to serve as a liquidity backstop for the credit union system;
  • supporting low-income, small, and minority credit unions through the Community Development Revolving Loan Fund’s technical assistance grants and loans;
  • providing measures of regulatory relief to help credit unions adapt to operational changes resulting from social distancing measures; and
  • implementing statutory changes resulting from the passage of pandemic relief measures, such as the CARES Act.

“Truly unprecedented, the COVID-19 pandemic and its economic and financial disruptions affected all aspects of daily life in 2020,” said Todd M. Harper, NCUA chairman. “Yet during the pandemic, federally insured credit unions generally remained on a sound financial footing and provided needed assistance to members, businesses, and communities.”

He also said that there is still “much work to do, especially to prepare the credit union system and the Share Insurance Fund to weather any economic fallout related to the COVID-19 pandemic and to support credit union members through tough times.”

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