Capital and liquidity, cybersecurity, consumer financial protection, and inclusion will be the priorities for the federal credit union regulator in the years ahead, the chairman of the agency’s board said Tuesday.
Speaking to a conference of the Maryland/District of Columbia Credit Union Association (MDDCCUA) in Oxon Hill, Md., National Credit Union Administration (NCUA) Board Chairman Todd Harper, among other things, outlined the agency’s focus and priorities. He said the agency’s focus will be the strength of the credit union system, the rights of members of the institutions, and the federal credit union regulator’s preparedness to respond to evolving economic conditions.
He said the agency’s “regulatory philosophy” would consist of being fair and forward-looking; innovative, inclusive, and independent; risk-focused and ready to act when needed; and engaged appropriately with stakeholders to develop effective regulation and efficient supervision.
That philosophy, he added, would drive agency actions going forward (his term as chairman runs through 2027). He said the agency would prioritize capital and liquidity, cybersecurity, consumer financial protection, and inclusion.
“And, by inclusion, I mean both diversity, equity, and inclusion within our agency and within the credit union system,” Harper explained.
He also said that, to keep pace with the changing competitive and technological landscape, the agency would continue to foster innovation within the NCUA and among credit unions while balancing consumer financial protection and financial stability.
“If we all do our jobs right, we will be successful in fulfilling the credit union system’s statutory mission of promoting access to affordable credit, especially for people of modest means, for generations to come,” he said.