The 2024 annual performance plan for the federal credit union regulatory agency was approved, 3-0, by the agency’s board during its open meeting Thursday, the first for Tanya Otsuka in her capacity as an agency board member.
The National Credit Union Administration’s (NCUA) annual performance plan provides specific direction and guidance toward achieving the agency’s mission, strategic goals, and objectives as outlined in its 2022-2026 strategic plan. Under the supervision piece of the plan, the agency says it is focused on identifying and resolving risk in the following seven primary areas:
- interest rate risk;
- liquidity risk;
- credit risk, including asset concentration risk;
- reputation risk;
- transaction risk;
- compliance risk, including compliance with consumer protection and anti-money laundering laws and regulations; and
- strategic risk, including operational risks such as cybersecurity and fraud.
One of the strategic objectives outlined for the coming year is completion of at least 60 fair lending examinations, which focus on credit unions’ compliance with federal consumer financial protection laws and rules. This would be roughly double the number completed in 2023 (as of the third quarter).
The three-member board (including Otsuka, Chairman Todd Harper, and Vice Chairman Kyle Hauptman) on Thursday also received a briefing on the NCUA’s 2024-2026 diversity, equity, inclusion, and accessibility (DEIA) strategic plan. “The plan represents a roadmap through which the NCUA can promote a culture of inclusion by leveraging existing initiatives and embracing new and innovative DEIA efforts and solutions,” the agency said. The aim, it noted, is to to identify and adopt best practices to promote diversity and inclusion and mitigate identified barriers to equity and accessibility.
Board Approves Annual Performance Plan; Briefed on DEIA Strategic Plan