A 2022 performance plan and a strategic plan covering the remainder of this year through 2026 were approved Thursday by the federal credit union regulator board during its regular monthly meeting.
The performance plan, according to the summary provided by the National Credit Union Administration (NCUA) Board, “strives to provide all interested stakeholders with transparency and understanding of the NCUA’s performance objectives.”
The agency board said the plan “sets out performance indicators and associated targets in support of the goals outlined in the agency’s Strategic Plan and draws a clear line from the agency’s mission to the strategic goals, strategic objectives, performance goals, and performance indicators and targets.” The plan also describes means, strategies, and specific actions the agency has resourced and intends to undertake to achieve each strategic objective, the board said.
Goals outlined in the plan for the agency include: ensure a safe, sound, and viable system of cooperative credit that protects consumers; improve the financial well-being of individuals and communities through access to affordable and equitable financial products and services; and maximize organizational performance to enable mission success.
The performance plan follows closely the 2022-26 strategic plan, also approved by the credit union regulator board Thursday (including the strategic goals). In releasing the final plan to be considered by the board, the agency noted that comments received during the comment period (which opened last fall and closed Jan. 24) focused primarily on three areas: climate-related financial risk; the agency’s exam program; small, minority, low-income designated and new credit unions; and the National Credit Union Share Insurance Fund (NCUSIF), the savings insurance program for credit unions.
To address those comments, the agency said, it made revisions to the final plan. Those included:
- Changing the narrative describing the long-term risk posed by climate-related financial risk, including the clarification that “NCUA does not intend to micromanage credit union lending decisions for climate-related financial risk, and that that nothing in this Strategic Plan should be construed as discouraging activities related to agriculture or fossil fuels.”
- Added additional strategies to support small, minority, new, and low-income designated credit unions and underserved areas.
- A revised proposed strategy under the second strategic goal (“improving the financial well-being of individuals and communities”) to include “other partnerships” to the strategy supporting the success of small, minority, low-income-designated, and new credit unions through training and CDRLF technical assistance grants and loans.