NCUA Releases Accomplishments from April 2019 to January 2021

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National Credit Union Administration (NCUA) Chairman Rodney E. Hood released selected accomplishments since he was sworn in as the eleventh Chairman of the NCUA in April 2019.

Throughout Chairman Hood’s historic tenure as the first black American to lead a banking regulatory agency, the NCUA provided significant regulatory relief, effectively responded to the COVID-19 crisis, steadfastly promoted diversity, equity and financial inclusion and provided vital support to small businesses and communities across the nation.

Accomplishments include: 

Providing Regulatory Relief
Under Chairman Hood’s leadership, the NCUA has vigorously pursued a regulatory agenda that has resulted in the modernization of the agency’s rules and regulations to ensure continued safety and soundness, while reducing regulatory burdens, and the expansion of access to safe and affordable financial products and services.

Responding to the COVID-19 Pandemic
When the COVID-19 pandemic began in March of 2020, Chairman Hood focused on mitigating the pandemic’s impact on the credit union system, providing credit unions with the operational flexibility they need, and ensuring that credit union members have access to needed credit. The NCUA also adjusted its supervision and examination program to protect the safety of its staff and staffs of the credit unions it oversees, while addressing emerging risks and implementing statutory and regulatory changes that have occurred in response to COVID-19.

The Central Liquidity Facility
Following the regulatory enhancements provided by the CARES Act and changes to the agency’s regulations, the Central Liquidity Facility (CLF) experienced a significant increase in its membership and borrowing capacity.

Offsite Examinations and Remote Agency Operations
The NCUA’s response to COVID-19 has been robust. On March 16, 2020, the agency mandated a strict offsite examination and supervision policy that continues to this day.

Extension of COVID-19 Relief Measures
NCUA board members and members of Congress worked to make certain critical CARES Act provisions were extended to ensure the NCUA and federally insured credit unions could respond to the evolving nature of COVID-19 and provide needed regulatory certainty to the industry.

Advancing Diversity, Equity, and Financial Inclusion
Chairman Hood and the NCUA board are committed to promoting a diverse workforce, an inclusive work environment, and a diverse supply chain, all of which makes good business sense. Additionally, Chairman Hood has encouraged financial services leaders to act on their support for diversity with a commitment to community building through financial inclusion.

Diversity, Equity, and Inclusion
The NCUA has seen increasing levels of diversity in its workforce. Additionally, the NCUA encouraged the credit union system and the broader financial services industry to embrace and champion the principles of DEI.

Financial Inclusion
During the NCUA’s Senior Staff Position Forum, its senior leadership collectively identified financial inclusion as one of the agency’s top priorities.

Advancing Communities through Credit
The NCUA expanded the availability of credit to stimulate economic growth and improve the financial well-being of all Americans.

Advancing Communities through Education
The NCUA has worked to advance financial literacy and personal finance education efforts and—along with other governmental, private sector, and non-profit partners—has participated in national financial literacy initiatives.

Advancing Communities through Stability
Often, MDIs and small and low-income credit unions are the only federally insured financial institutions in underserved and rural communities. Accordingly, they play a critical role in providing affordable financial services to millions of Americans. The NCUA worked to help these institutions thrive and meet the evolving needs of their members, and by extension, their communities.

Advancing Communities through Support
Chairman Hood has encouraged the credit union system and the broader financial services industry to support new employment opportunities for minorities, women, the disabled, and the underserved because doing so allows these individuals to join the financial mainstream and benefit from greater economic opportunity.

Supporting Small Businesses
The NCUA supported policies, programs, and initiatives that help entrepreneurs start or expand businesses. In addition, because the COVID-19 pandemic has had a particularly severe impact on the nation’s small businesses, especially those in vulnerable and marginalized communities, the NCUA focused on ways that the agency can best assist credit unions in their efforts to help main street entrepreneurs and their small businesses survive.

Click here for specific accomplishments. 

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