ALEXANDRIA, Va.–NCUA has released its 2023 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
The agency said its most significant initiatives in 2023 are highlighted in the report and grouped into four categories:
- Responding to economic headwinds.
- Advancing financial security, economic equity, and allyship.
- Maintaining cyber resiliency.
- Investing in our employees.
“In 2023, the NCUA focused its efforts on protecting consumers and their deposits in federally insured credit unions, maintaining the strength of the credit union system and the National Share Insurance Fund, and expanding access to safe, fair, and affordable financial services,” NCUA Chairman Todd M. Harper said in a statement. “America’s federally insured credit unions overall remain safe, stable, and well-capitalized. That is thanks in large part to the work and dedication of the NCUA team and my fellow board members.”
Forward-Looking Measures
According to NCUA, during 2023 its board acted on several forward-looking measures, including:
- Final rules on member expulsion and charitable donation accounts.
- Proposed rules on field of membership and trust accounts.
- Proposed changes to the interpretive ruling and policy statement on the agency’s Minority Depository Institution Preservation Program.
NCUA said its other accomplishments in 2023 included the development of new tools and dashboards to monitor and mitigate risks to the credit union system, fortification of the Share Insurance Fund’s defenses, deployment of updated Information Security Examination procedures, and the issuance of three new federal credit union charters.
The Plan in 2024
“For the credit union system to reach its full potential, the NCUA must stay focused on both its safety and soundness and consumer financial protection missions. To that end, the agency will continue to monitor credit union performance and coordinate with other federal financial institution regulators, as appropriate, to ensure the overall resiliency and stability of our nation’s financial services system and economy,” Chairman Harper said.
Also in Report
NCUA said its 2023 Annual Report documents the NCUA’s performance in meeting its strategic goals and objectives as detailed in its strategic plan, and annual performance plan. The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2023. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.
New NCUA Board Members Names Senior Advisor
Separately, new NCUA Board Member Tanya F. Otsuka has name Renita Marcellin as her senior advisor.
“Renita brings a wealth of financial regulatory knowledge and mission-oriented public policy experience, and I am delighted that she is taking on this crucial role,” Otsuka said in a statement. “Throughout her career, she has excelled at building coalitions and working with a broad range of stakeholders to advance important policy goals. Her dedication to building an equitable economy and financial system will be invaluable to the NCUA and the millions of Americans who depend on a safe and fair credit union system.”
Prior Experience
Marcellin most recently served as the legislative and advocacy director at Americans for Financial Reform, and formerly served as their senior policy analyst on banking issues. Previously, Marcellin was a senior associate at JPMorgan Chase where she worked to strengthen the bank’s anti-money laundering controls and chaired her team’s Diversity and Inclusion Committee to build awareness on the systemic racial inequities affecting the U.S. banking system.
Marcellin holds a Bachelor of Arts from Baruch College and a Master of Public Policy from Georgetown University.
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