The NCUA’s Office of the Inspector General, in its annual statement on the top management and performance challenges facing the agency, identified five top challenges currently facing the NCUA.

“We identified the top challenges facing the NCUA for 2023 based on our past and ongoing work; our knowledge of the NCUA’s programs and operations; and information from the U.S. Government Accountability Office and NCUA management and staff,” the statement reads.

The five top challenges to the NCUA, according to the agency’s Office of the Inspector General, include:

• managing interest rate risk and liquidity risk;
• cybersecurity and it governance — protecting systems and data;
• risks posed by third-party service providers;
• industry consolidation and challenges facing small credit unions; and
• supporting diversity in the credit union industry

“We believe our identification of top challenges will be beneficial and constructive for policy makers, including the NCUA and Congressional oversight bodies. We further hope that it is informative for the credit union industry regarding the programs and operations at the NCUA and the challenges it faces,” the statement concluded.