The NCUA on Wednesday released its 2021 Annual Report, highlighting the agency’s activities, policy initiatives and accomplishments for the past year.
According to the report, the NCUA board of directors and the agency focused on addressing the economic and financial disruptions resulting from the pandemic in 2021, including:
- 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 addition, the NCUA board of directors 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, according to the report.
“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,” said Todd Harper, NCUA chairman. “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.”