NCUA headquarters. Credit/NCUA
The NCUA released its 2024 Annual Report, highlighting key agency activities, financial stability and regulatory priorities. The report underscores the NCUA’s commitment to enhancing the credit union system through innovation, transparency and regulatory efficiency.
“In 2024, the Share Insurance Fund and the credit union system remained well-capitalized with sufficient liquidity during the year,” NCUA Chairman Kyle Hauptman said. “Looking ahead, the NCUA will continue to work with stakeholders to enhance the credit union system through innovation, transparency and a regulatory structure that allows credit unions to meet the evolving financial needs of families and businesses across America.”
The report included audited financial statements for the agency’s four funds, all of which received unmodified opinions, demonstrating compliance with federal financial guidelines. Additionally, it detailed Hauptman’s strategic priorities, including streamlining the NCUA budget, improving the efficiency of the examination program and fostering a more navigable regulatory framework for credit unions.
“Looking ahead, the NCUA will work to reduce, streamline or eliminate outdated or overly burdensome regulations and processes where possible, so credit unions can stay competitive in the changing environment and provide affordable financial services to their members and communities,” Hauptman stated.
With a focus on regulatory relief, the NCUA aims to ensure credit unions remain flexible and well-positioned to serve their members amid an evolving financial landscape.
In a way, Hauptman has already made progress on the promise to reduce or streamline regulations when he announced on March 3 that the agency would stop publicly releasing credit union industry data concerning income earned from overdraft and non-sufficient fund fees – a rule that had been in place for a year for credit unions with more than $1 billion in assets.
The move prompted many, including officials at the Austin, Texas-based Amplify Credit Union, to criticize the move as a lack of transparency for an industry that promotes cooperative values to its members.
READ MORE: The full 2024 Annual Report.
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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.
