ALEXANDRIA, Va.–NCUA has released its 2020 Annual Report, which it said highlights its activities, policy initiatives, and accomplishments for the past year.
“Truly unprecedented, the COVID-19 pandemic and its economic and financial disruptions affected all aspects of daily life in 2020,” NCUA Chairman Todd Harper said. “Yet during the pandemic, federally insured credit unions generally remained on a sound financial footing and provided needed assistance to members, businesses, and communities. The NCUA’s employees also worked tirelessly to develop creative solutions, protect consumers, support small, low-income and minority credit unions, and bolster the credit union system for what lies ahead.”
NCUA said the report documents the agency’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 2020.
The Steps Taken
During 2020, NCUA said its efforts focused on addressing the economic and financial disruptions resulting from the COVID-19 pandemic, including:
- Protecting agency staff and contractors and the staff and members of credit unions by moving to a remote operations posture at the start of the pandemic
- Strengthening the Central Liquidity Facility to serve as a liquidity backstop for the credit union system
- Supporting low-income, small, and minority credit unions through the Community Development Revolving Loan Fund’s technical assistance grants and loans
- Providing measures of regulatory relief to help credit unions adapt to operational changes resulting from social distancing measures
- Implementing statutory changes resulting from the passage of pandemic relief measures, such as the Coronavirus Aid, Relief, and Economic Security Act
‘Much Work to Do’
“We still have much work to do, especially to prepare the credit union system and the Share Insurance Fund to weather any economic fallout related to the COVID-19 pandemic and to support credit union members through tough times,” Harper said. “The NCUA must also do all that it can to advance economic equity and justice to and ensure all consumers — regardless of their financial provider of choice — have the same levels of protection and fair and equitable access to credit. This work will provide for a more equitable economic recovery and a better future for our country.”