NCUA Chairman Todd Harper spoke at the International Credit Union Regulators’ Network Annual Meeting in Alexandria, Va., Monday. He discussed the challenges facing regulators and the credit unions and cooperatives they oversee, and said it is essential for the credit union system—and all regulated entities—to prepare for economic and financial stress.
“For our part, the NCUA is well positioned to address issues that may arise from broader market concerns about liquidity in the financial services sector here in the U.S.,” he said. “We continue to monitor credit union performance through the examination process, offsite monitoring, and tailored supervision. In addition, the NCUA is coordinating with other U.S. financial institution regulators to ensure the overall resiliency and stability of our nation’s financial services system.
Harper encouraged credit union leaders to “remain diligent in managing the potential risks on their balance sheets and continue to monitor economic conditions and the interest rate environment.”
Other challenges include the current interest rate environment, credit risk, cybersecurity risk, technology risk, and climate-related financial risk.
He added that continued dialogue, information sharing, and cooperation among the regulators will “build a stronger and more equitable global financial system that promises greater access to safe, fair, and affordable financial products and services under the cooperative model.”
Harper’s complete remarks are available on NCUA.gov.