ALEXANDRIA, Va. (12/19/13)--Reassessing and retooling the credit union business model to stay ahead of the curve is one of many priorities laid out in the National Credit Union Administration's draft 2014-2017 strategic plan.
The agency said the plan outlines how it will address "a growing system where credit unions are offering new services, engaging in greater portfolio diversity, and presenting new risk challenges."
Coming challenges cited in the plan include:
"Each of these are risks that require continual monitoring and mitigation strategies," the NCUA said.
To deal with these risks, the NCUA plans to continue to modernize its regulatory approach to create a framework "that encourages innovation while protecting safety and soundness." Ensuring the progress of the credit union system "while continuously protecting the consumer's rights and benefits, effectively overseeing the credit union system, and insuring nearly 96 million members' deposits in federally insured credit unions" will be another agency focus, the NCUA said.
Legislative goals detailed in the draft plan include:
For the full draft plan, use the resource link.