Chairman Harper Outlines his Vision for the NCUA
Published by: Emily Leite
February 24, 2021 | Government Affairs
Credit unions have long had a robust and independent oversight agency that understands the unique needs and abilities of not-for-profit financial cooperatives. The League believes the National Credit Union Administration (NCUA) should continue this practice by empowering credit unions to meet member needs while maintaining safety and soundness measures. To that end, the League looks for any opportunity to better understand what NCUA’s regulatory priorities are, including paying attention to cues from NCUA leadership.
NCUA Chairman Todd Harper outlined his vision and priorities for the agency during its External Stakeholder Webinar on Feb.11, 2021. Chairman Harper stayed close to his famous F.I.R.E. philosophy. He stressed that NCUA would do a lot to address consumer protection and Diversity, Equity & Inclusion (DEI) under his leadership. His priorities can be summed up as follows:
Strengthen Commitment to Consumer Protection
- Enhanced focus on consumer financial protection reviews.
Capital and Liquidity
- Helping credit unions that are experiencing significant financial or operational problems due to COVID-19 and other causes.
- Ensuring compliance with fair lending laws and supporting minority depository institutions and community development financial institutions.
Technological Innovation and Cybersecurity
- Promoting technological innovation in the financial industry to serve credit union members while increasing vigilance against cyberattacks and fraud.
The NCUA also addressed its Supervisory Priorities for 2021, stressing the importance of compliance with consumer protection laws and CARES Act regulations, among other items. Overall, it seems Chairman Harper seeks to maintain the safety and soundness of the credit union system while ensuring the credit unions remain champions of consumer protection DEI. If you have any questions about Chairman Harper’s priorities and vision for NCUA, please contact League Regulatory Counsel Chris Noble, Esq..
T: (614) 923-9762
C: (614) 448-6237