ALEXANDRIA, Va. (12/16/11)—The National Credit Union Administration's (NCUA) near-future plans, and the budget for that agency's oversight of its NCUA Guaranteed Notes program, were approved during Thursday's open board meeting.
The NCUA in its 2012 Annual Performance Budget identified its top priorities for the coming year as: monitoring and controlling risk in natural-person credit unions, continuing to stabilize the corporate credit union system, and ensuring that the transition from bridge corporates does not cause disruption to member services.
The agency also identified ensuring a safe, sound, and healthy credit union system, promoting credit union access to all eligible persons, and improving regulatory transparency as other key goals for 2012.
The Credit Union National Association (CUNA) said it would press the agency to stick to these goals, with a particular emphasis on the need to improve the regulatory environment faced by credit unions.
Many of these goals are also reflected in the NCUA's 2011-2014 strategic plan, which was released during the board meeting. For instance, ensuring a safe, sound, and healthy credit union system, promoting credit union access to all eligible persons, are also key priorities under the strategic plan.
The NCUA approved a budget of $7.7 million to cover administrative costs, including security valuation, accounting, and reporting costs, related to its NGN program.
Management and oversight of the NGN program is being handled by the NGN Securities Management and Oversight Committee, which was approved by NCUA board members in August. The committee's duties include monitoring the performance of the NGNs and their underlying collateral, ensuring the programs compliance with legal and accounting requirements, and maintaining the NGN Programs transparency to credit unions and other key stakeholders.
For more on the NCUA meeting, use the resource link.