NCUA Issues 2016 Annual Report Posted by Association of Vermont Credit Unions on 12:41 PM

The National Credit Union Administration released its Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for 2016.

During the year, NCUA engaged in number of rule-makings and initiatives designed to provide federally insured credit unions with measures of regulatory relief. The most significant actions were:

• Removing arbitrary, artificial and unnecessary barriers to credit union growth through the modernization of member business lending, field-of-membership and occupancy rules;
• Approving the implementation of an extended examination cycle for well-managed, low-risk federal credit unions with assets of less than $1 billion;
• Removing the requirement that all federally insured, state-chartered credit unions with more than $250 million in assets and every federal credit union be examined each calendar year;
• Beginning the process of modernizing the Call Report and examination systems, which will ultimately reduce the examination and reporting burdens for credit unions, especially for smaller, non-complex credit unions.

The report contains the complete audited financial statements of NCUA’s four permanent funds, which earned unmodified, or “clean” opinions for 2016. The report further contains assurances of the agency’s compliance with financial management and other relevant laws, and statistics on credit union financial performance since 2011.