FOR IMMEDIATE RELEASE
February 28, 2022
National Credit Union Administration (NCUA) Chairman Todd Harper addressed 4,500 credit union leaders at the Credit Union National Association Governmental Affairs Conference (CUNA GAC) Monday morning, outlining a number of regulatory initiatives for 2022. Harper noted that the administration expects to focus on cybersecurity reporting, to grow the field of membership growth of federal credit unions, and to support the long-term work of community development credit unions.
The NCUA Board continues to prioritize compliance and supervision initiatives. Harper noted that that examiners will review compliance with COVID-19 consumer-assistance programs, fair lending rules, servicemember protections, and fair credit reporting laws during every federal credit union examination.
“This year, examiners will request information about overdraft policies and procedures, as well as audits of credit union overdraft programs,” Harper said. “We will also review credit union communications with members about such programs. We anticipate using the information gathered this year for a more thorough review of credit unions’ overdraft programs in 2023.”
Harper highlighted a recent NCUA announcement – the development of a $559.2 million distribution to the former capital holders of Members United, U.S. Central, Constitution, and Southwest Corporate.
“In all, the NCUA has now recovered and returned nearly $2 billion to federally insured credit unions, and we appear likely to make more distributions in the future,” he said.
Read more conference coverage from CUNA News, and get live updates on Twitter via @CUNA_News, @cumagazine, @CUNA, and by using the #CUNAGAC hashtag. You can also follow the conference on Facebook and Instagram. For a complete schedule and information on keynote speakers and breakout sessions, visit the CUNA GAC event page.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by more than 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.