ALEXANDRIA, Va. — NCUA on Tuesday released its 2015 Annual Report, which the agency said highlights its activities, policy initiatives and accomplishments for the year.
According to Debbie Matz, chairman of the NCUA board, 2015 was an example of the regulator giving back to credit unions in the form of modifying regulations.
"By nearly every measure, the credit union system and NCUA concluded 2015 in a strong position," Matz said in a statement. "During the 'Year of Regulatory Relief,' NCUA finalized or proposed 15 modernized regulations to reduce compliance burdens or authorize new powers. Touching on key stakeholders' concerns, these initiatives removed outdated procedures and non-statutory requirements. They also gave credit unions greater flexibility to make decisions and serve their members' needs."
Matz said NCUA also continued its multi-year effort to "create and maintain a modern regulatory structure that allows credit unions to evolve and grow," as well as address emerging threats and risks to the system, such as cyber threats and interest rate risk, among others.
"Our actions in 2015 helped ensure that our nation's communities, businesses and consumers will be able to utilize the products and services of federally insured credit unions in 2016 and for years to come," Matz declared.
NCUA said its 2015 initiatives and accomplishments can be grouped into 10 broad categories:
- Making 2015 "The Year of Regulatory Relief"
- Modernizing regulations and programs to ensure continued strength
- Ensuring the safety and soundness of the credit union system
- Managing the Corporate Stabilization Fund
- Helping credit unions of all types and sizes thrive
- Expanding access to affordable financial services and protecting consumers
- Enhancing the agency's transparency and engaging stakeholders
- Creating a diverse, highly skilled workforce
- Being a good corporate citizen
- Shaping the future of NCUA and the credit union system
The regulator said the 2015 Annual Report also assesses its performance in meeting its strategic and agency priority goals and objectives.
The report also contains assurances of the agency's fulfillment of financial management laws and compliance requirements, as well as the complete audited financial statements of each of NCUA's four permanent funds.
The 2015 Annual Report provides detailed statistics that illustrate the performance of federally insured credit unions in 2015 and over the last five years.
