The agency’s annual strategic and performance plans will be up for consideration at the next meeting of the federal credit union regulator’s board March 17, the agency said Thursday.
The board of the National Credit Union Administration (NCUA) will also hear a briefing on the resolution of corporate credit unions.
On Wednesday, the agency’s office of inspector general (OIG) released a report listing seven top management and performance challenges for the agency in 2022 – including three new challenges. The OIG said the three new challenges are ensuring economic readiness in a pandemic environment, supporting diversity in the credit union industry, and managing human resources for the future.
The other four, continuing items were: protecting information technology (IT) systems and government through cybersecurity; assessing risks posed by third-party service providers; managing interest rate and liquidity risks; addressing industry consolidation and challenges facing small credit unions.
On corporate credit unions, last week the agency announced that more than 2,100 credit union shareholders would receive more than $560 million in distribtions from conserved “corporate” credit unions. Distributions totaling $359.2 million were being made to credit union membership capital shareholders of the former Members United, Constitution, and U.S. Central corporate credit unions. Another $209.8 million in dividends was paid to more than 1,100 credit union shareholders of Southwest Corporate Credit Union, the agency said. (NCUA completed capital distributions to Southwest Corporate capital holders last year, it said in its release.)
The agency also noted that, with this latest distribution, it will have returned more than $1.8 billion to former membership capital shareholders and $209.8 million in dividends to shareholders.