Members of the NCUA board during the March 17, 2022 meeting.
On Thursday, the NCUA board unanimously approved the NCUA's 2022-2026 Strategic Plan, which revised three main goals.
- Ensure a safe, sound and viable system of cooperative credit that protects consumers.
- Improve the financial well-being of individuals and communities through access to affordable and equitable financial products and services.
- Maximize organizational performance to enable mission success.
The approved plan included updated mission and vision statements "to be more inclusive of the agency's responsibilities and roles, and an enterprise-wide risk appetite statement that, in combination with the plan, provides additional information for NCUA management and stakeholders on the agency's approach to achieving its goals and objectives."
With another unanimous vote by the board, members approved the NCUA's 2022 Annual Performance Plan. This plan described the board's priorities and goals for the year.
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NCUA Board Chairman Todd Harper said, "This year, the NCUA board's main priority is to ensure the credit union system and the National Credit Union Share Insurance Fund can adapt to the evolving financial and economic disruptions brought on by the COVID-19 pandemic. With the geopolitical crisis unfolding in Ukraine, the NCUA will also continue to prioritize cybersecurity and guide the credit union system through the economic uncertainty caused by inflation, rising gas bills and continued supply chain woes.
"Additionally, in 2022, the NCUA will continue its efforts to evolve its examination program and operations, expand access to safe and affordable financial services, provide consumers with financial education and close the racial wealth gap."
Corporate System Resolution Update
NCUA staff members updated the board on the status of the Corporate System Resolution, which after 12 years appears to be moving into its final phase.
"It has taken us a long time to get here, but we are at long last entering the final phase of the Corporate System Resolution," Harper said. "By pursuing the least-costly resolution of the corporate crisis and taking bold action in court, we have recovered and returned nearly $2.2 billion to member capital account holders — with the potential for more distributions in the months ahead."
The Corporate System Resolution was an initiative created by the NCUA board in the wake of the financial crisis in 2008 to stabilize, resolve and reform the corporate credit union system. According to the NCUA, the program allowed the credit union system to absorb the failures of at least five credit unions.
During Thursday's meeting, NCUA staff emphasized the remaining resolution components: Liquidating the remaining assets, pursuing litigation and continuing to make corporate distributions. "The briefing also detailed pay priorities for asset management estates, noting that distributions to former member capital holders will occur every six months subject to available cash, until the resolution program is completed," the NCUA said in a statement.
Harper said, "Let's recognize the Corporate System Resolution for what it really was: An innovative solution that saved the credit union system far more than it cost. While we may never know what the system would have looked like if we had not acted boldly, I do know for certain what would have remained would not be the dynamic, innovative, healthy and resilient cooperative credit system we have today. And, we would have had considerably fewer credit unions."
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Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
