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News Now

Washington
Strategic plans, loan rate cap approved at NCUA meeting
ALEXANDRIA, Va. (1/24/14)--A packed January board meeting agenda led off with approval of three relatively routine items: The National Credit Union Administration's 2014-2017 Strategic Plan, 2014-2015 Annual Performance Plan, and federal credit union interest rate ceiling determination.

The NCUA Strategic Plan highlights the agency's four strategic goals, and supporting strategic objectives which reflect the outcome or greater impact of the broader strategic goals. The four strategic goals for 2014 through 2017 are:
  • Ensuring a safe, sound, and sustainable credit union system;
  • Promoting consumer protection and financial literacy;
  • Further developing a regulatory environment that is transparent and effective, with clearly articulated and easily understood regulations; and
  • Cultivating an environment that fosters a diverse, well trained and motivated staff.
The Credit Union National Association in a recent letter urged the agency to use its strategic plan to detail:
  • How the agency plans to provide regulatory relief to credit unions;
  • What efforts it will make to improve the examination process;
  • How NCUA will address cost containment and how the agency's budget correlates to its Strategic Plan; and
  • How will NCUA improve its overall communications plan.
CUNA also suggested the NCUA could improve its strategic plan review process to better allow sufficient time for stakeholder input.

The 2014-2015 Annual Performance Plan provides specific direction to implement the strategic objectives and highlights specific goals, indicators and targets to measure agency progress towards each objective for the coming year, the NCUA said.

The agency also approved language that will extend the current 18% interest rate ceiling for federal credit union loans through September 10, 2015. CUNA supports continuation of the 18% ceiling at least for an additional 18 months.
Other Resources

NCUA Board Meeting Summary
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