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(From the NCUA Newsroom) The National Credit Union Administration (NCUA) has released its 2020 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the past year.
“Truly unprecedented, the COVID-19 pandemic and its economic and financial disruptions affected all aspects of daily life in 2020,” said NCUA Chairman Todd M. Harper. “Yet during the pandemic, federally insured credit unions generally remained on a sound financial footing and provided needed assistance to members, businesses, and communities. The NCUA’s employees also worked tirelessly to develop creative solutions, protect consumers, support small, low-income and minority credit unions, and bolster the credit union system for what lies ahead.”
The 2020 Annual Report documents the NCUA’s performance in meeting its strategic goals and objectives as detailed in its strategic plan and annual performance plan. The report contains the audited financial statements for the agency’s four funds, which earned unmodified or “clean” opinions for 2020. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws.