The National Credit Union Administration (NCUA) has published its 2024 Annual Report, detailing the agency's activities and achievements over the past year. According to NCUA Chairman Kyle S. Hauptman, "In 2024, the Share Insurance Fund and the credit union system remained well-capitalized with sufficient liquidity during the year." He added that moving forward, "the NCUA will continue to work with stakeholders to enhance the credit union system through innovation, transparency, and a regulatory structure that allows credit unions to meet the evolving financial needs of families and businesses across America."
The report outlines the NCUA's performance in achieving its strategic goals as per its strategic plan and annual performance plan. It includes audited financial statements for the agency’s four funds, all of which received unmodified or “clean” opinions for 2024. The report also confirms compliance with federal financial management guidelines, regulations, and laws.
Chairman Hauptman's priorities highlighted in the report include optimizing the NCUA’s budget, improving examination program efficiency, and developing a user-friendly regulatory framework for current and future credit unions. He stated that "the NCUA will work to reduce, streamline, or eliminate outdated or overly burdensome regulations and processes where possible," aiming to help credit unions remain competitive while offering affordable services.
The NCUA is an independent federal agency established by Congress to regulate federal credit unions. It manages the National Credit Union Share Insurance Fund, insuring deposits of over 135 million account holders in federal and most state-chartered credit unions. The agency also focuses on consumer protection and financial literacy education.