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News Now

Washington
Six-year plan outlined by NCUA
ALEXANDRIA, Va. (3/19/10)—The National Credit Union Administration (NCUA) on Thursday outlined its goals for the next six years in a publicly released strategic plan for 2011 through 2016. The strategic plan features a list of set goals that the NCUA hopes to achieve, including ensuring a “safe, sound and healthy credit union system,” promoting credit union access “to all eligible persons,” furthering the development of a “transparent and effective” regulatory environment, issuing “clearly articulated and easily understood regulations,” and cultivating “an environment that fosters a diverse, well-trained and motivated staff.” The NCUA set specific factors that may help or hinder the achievement of their stated goals. The complexity of credit union products and services, the demand for those services, economic conditions, and potential accounting changes are among the factors that may affect the safety and soundness of the credit union system, the NCUA said. A lack of public awareness, a drop in the number of overall credit unions, and shifts in member needs can affect the availability of credit union services. Additionally, changes in legislation and other finance industry regulation can affect the NCUA’s goal of developing and issuing transparent and easily understood regulations. The Credit Union National Association, in its early comments on this list, suggested ensuring that NCUA staffers are specifically trained to recognize the differences between credit unions and banks. CUNA also suggested adding reducing the regulatory burden on credit unions to the NCUA’s list of stated goals.


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