The NCUA will pursue statutory changes to its authority as part of the agency's three-year strategic plan, which was released Wednesday for public comment.
According to the Strategic Plan 2014 – 2017, the NCUA will ask Congress to grant it the authority to regulate, examine, and take enforcement actions against vendors and CUSOs. The new authority would provide the NCUA parity with other federal financial regulatory agencies, the plan said.
A second legislative priority outlined in the plan is to re-establish the NCUA's emergency borrowing authority of $30 billion, which sunset on Dec. 31, 2010, and revise the Federal Credit Union Act to modernize the Central Liquidity Facility. The NCUA will also seek to obtain more flexibility in setting the normal operating level of the NCUSIF, as well as more flexibility in building retained earnings.
The plan also includes four strategic goals that will allow the NCUA to better address risk associated with more and different products, diversified holdings, growing real estate concentration, rapid changes in technology, increasing member business loan portfolios and cyber security.
“The credit union system and NCUA face a new financial services environment mindful of the lessons learned from the recent financial crisis,” said NCUA Board Chairman Debbie Matz in a release.
“Credit unions have seen strong growth in assets, loans and membership, and they are exerting an increasing influence on America's economy,” Matz said. “These changes present us with new risks and the obligation to keep pace with the industry. NCUA's draft 2014–2017 Strategic Plan reflects both awareness of these changes and the continued commitment to strong, effective and balanced regulation to protect the safety and soundness of credit unions without hampering growth and innovation.”
Comments on the draft plan are due by Jan. 17, 2014. Comments can be emailed to [email protected] or mailed to the NCUA's Alexandria, Va., headquarters.
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