The National Credit Union Administration (NCUA) released its 2022 Annual Report (also referred to as the Performance and Accountability Report) which provides financial and high-level performance results for the agency. The 2022 Annual Report focuses on the NCUA’s strategic goals and performance results and details the agency’s major regulatory and policy initiatives, activities, and accomplishments during the January 1, 2022, through December 31, 2022, reporting period. It also contains financial statements and audit information for the four funds the NCUA administers: the National Credit Union Share Insurance Fund, the NCUA Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund. 

The NCUA’s most significant initiatives in 2022 are highlighted in the report and grouped into five categories: 

  • Responding to evolving economic and financial challenges; 
  • Strengthening the credit union system’s capital levels; 
  • Increasing cyber resiliency; 
  • Supporting small credit unions and minority depository institutions; and 
  • Fostering greater diversity, equity, inclusion, and belonging. 

The NCUA’s focus in 2023 will include the following: 

  • Combating growing cyberthreats: Credit unions’ growing reliance on technology exposes the credit union system to escalating cyberattacks. Malware, ransomware, distributed denial of service attacks, and other forms of cyber intrusion affect credit unions of all sizes and will require ongoing measures for containment. 
  • Adapting to technology-driven changes to the financial landscape: Emerging and innovative financial technologies, including digital ledger technology and crypto currency, present opportunities and risks to the credit union system. 

The 2022 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 2022. It also provides assurances of the agency’s compliance with federal financial management guidelines, regulations, and relevant laws. To view the full NCUA 2022 Annual Report, please visit this link.