ALEXANDRIA, Va. (6/24/15)--Credit unions had a strong year in 2014, and the National Credit Union Administration outlined its progress on nine categories of its Regulatory Modernization Initiative, according to NCUA’s 2014 Annual Report.
The report was released Tuesday and highlights the agency’s activities, policy initiatives and accomplishments for 2014.
“Last year marked the 80th anniversary of the Federal Credit Union Act, and it was a strong year in terms of credit union performance,” said NCUA Board Chair Debbie Matz. She noted the Regulatory Modernization Initiative, which began in 2011, “focuses on modernizing NCUA’s rules and regulations to protect safety and soundness, as well as reducing the regulatory burden where appropriate.”
The actions NCUA took during the year “better positioned NCUA and credit unions to succeed in the future,” she touted.
Federally insured credit unions’ strong financial performance was attributed to improving economic conditions that led to strong loan, net worth and membership growth during 2014, said the report. Performance statistics for federally insured credit unions included:
The agency focused on these nine categories during 2014:
The report also assessed NCUA’s performance in meeting its strategic and agency priority goals and objective. The four goals addressed include:
The report, which is sent annually to the U.S. Congress, also provided the audited financial statements of each of NCUA’s four permanent funds, and included new data with a more detailed picture of the system’s financial performance for the past five years.