On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper delivered a speech at the Brookings Institution, where he addressed the current key issues in the credit union industry. Chairman Harper’s remarks focused on the credit union performance, vendor authority, central liquidity facility, and consumer financial protection.
Harper discussed the current safety-and-soundness concerns for the credit union system and reiterated the agency’s mission to “strengthen communities and protect consumers by ensuring equitable financial inclusion through a robust, safe, sound, and evolving credit union system.” According to Harper, the NCUA will continue an expanded review of credit union overdraft programs, including website advertising, balance calculation methods, and settlement processes. PNCUA’s fair lending examinations will also increase in number and focus on ensuring policies and practices are fair and not discriminatory. In 2024, the NCUA will also focus on Bank Secrecy Act compliance and support for small credit unions and minority depository institutions.
Read Harper’s full remarks here.