NCUA Board Chairman Todd Harper offered an overview of the current priorities at the agency before joining NAFCU President and CEO Dan Berger for a one-on-one chat during NAFCU’s State of the Industry virtual event yesterday.
“Although the clouds of the COVID-19 pandemic appear to be lifting, the economic fallout continues to pose many challenges for our country and the credit union system,” said Harper during his opening remarks. “Despite these challenges, however, credit unions have pressed forward doing their part to support their members and the communities they serve as financial first responders.”
Harper noted that credit unions, like other financial institutions, have seen growth in deposits and assets and a substantial amount of loans remain in forbearance status.
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NCUA Board reviews SIF status, ways to manage fund
As the NCUA Board Thursday received a quarterly briefing on the National Credit Union Share Insurance Fund (NCUSIF), Chairman Todd Harper said the fund is the agency’s top priority for 2021 as it works to ensure it can withstand fallout from the COVID-19 recession, and again indicated that a premium may be assessed this year.
“NAFCU strongly believes that charging a SIF premium is unnecessary as the fund rests on solid financial footing,” said NAFCU Chief Economist and Vice President of Research Curt Long. “Amid a global pandemic and economic downturn, credit unions should be allowed to direct the money they hold toward serving their members, and it should not be siphoned off into an already stable and healthy SIF.”