The NCUA’s four funds earned unmodified, or “clean,” audit opinions for 2022, the agency announced on Monday.
Financial statements, audited by KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.
According to the NCUA, the audit found that:
- the financial statements were fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles;
- there were no material weaknesses in internal controls;
- there were no significant deficiencies related to internal controls; and
- there were no instances of reportable noncompliance with laws and regulations it tested or other matters that are required to be reported under Government Auditing Standards or OMB guidance.
The Share Insurance Fund, which held assets of $20.4 billion on Dec. 31, 2022, protects the deposits of more than 135 million members at more than 4,750 federally insured credit unions.