NCUA official seal. (Source: NCUA)
On Tuesday, the NCUA released its 2022 Annual Report, which lays out the NCUA's performance in meeting its strategic goals and objectives, and it found the credit union industry and the agency's four funds are on solid footing. What lies ahead appears to be a number of challenges and potential risks to the system as a whole, according to the report.
In the 244-page document, the NCUA focused on five broad categories in which the agency called important initiatives in 2022. Those five categories were:
- Responding to evolving economic and financial challenges;
- Strengthening the credit union system's capital levels;
- Increasing cyber resiliency;
- Supporting small credit unions and minority depository institutions; and
- Fostering greater diversity, equity, inclusion and belonging.
In the report, NCUA Chairman Todd Harper stated, "In 2022, the NCUA focused its efforts on protecting and benefiting more than 135 million credit union members, who entrust their hard-earned savings to federally insured credit unions."
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Michael Ogden
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.
