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Washington
NCUA OIG Agency dealing with financial crisis impact
ALEXANDRIA, Va. (5/25/11)--Recovery from the impact of the recent financial crisis, and related challenges and opportunities, are the focus of the National Credit Union Administration as it works to “ensure the future stability of the nation’s financial system,” the NCUA’s Office of the Inspector General said in its semi-annual report to the agency and Congress. The agency has reviewed its supervision and regulation of failed corporate and natural-person credit unions, and has worked to enact reforms required by the Dodd-Frank Wall Street Reform Act, in the six months ended March 31, the report noted. NCUA actions related to Dodd-Frank implementation included the issuance of new rules related to credit ratings, share insurance protection, and incentive-based compensation, as well as the creation of the NCUA’s Office of Minority and Women Inclusion. The semiannual report also noted that the NCUA had provided several details on additional corrective actions that were taken after the OIG last year said that more aggressive NCUA supervisory actions could have helped the NCUA avoid the failure of nine credit unions and prevented the National Credit Union Share Insurance Fund from taking on substantial losses. For prior coverage of these recommendations, use the resource link. The overall financial status of the credit union industry was also covered in the report, with the OIG finding growth in assets, and an increase in credit unions’ return-on-average assets, during the six-month period ended December 31. The OIG also noted that while total share accounts and money market shares increased during this time period, the amount of loans taken out at credit unions fell. Credit union-related legislative actions, including recent efforts to lift the credit union member business lending cap and ensuring that a planned small issuer exemption from rules that would cap fees charged for debit card transactions is meaningful, are also covered in the OIG report. For the full NCUA OIG report, use the resource link.
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