“Unmodified” audit opinions were earned by the four funds administered by the federal credit union regulator, the agency announced Friday, making it the second federal financial institution regulator in as many days to announce so-called “clean” audit opinions.
The National Credit Union Administration (NCUA) said the four funds it administers earned the audit opinions. The agency’s Office of the Inspector General (OIG) released the results, which covered the National Credit Union Share Insurance Fund (NCUSIF, the insurer of savings in federally insured credit unions), the agency’s operating fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund. The financial statements were audited by the independent auditor KPMG LLP.
NCUA said the NCUSIF, which held $15.8 billion in assets on Dec. 31, 2018, protects the deposits of more than 115 million members at about 5,400 federally insured credit unions.
On Thursday, the Government Accountability Office (GAO) said the two funds administered by the Federal Deposit Insurance Corp. (FDIC) – the Deposit Insurance Fund (DIF), and the Federal Savings and Loan Insurance Corp. (FSLIC) Resolution Fund (FRF) – received clean audit opinions, based on 2017 and 2018 financial statements.