NCUA Chairman Todd M. Harper Speaks Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs

On Tuesday, August 2, 2021, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke to lawmakers about the future of credit unions during the hearing titled, “Oversight of Regulators: Does our Financial System Work for Everyone?”

During the testimony, Harper touched on a variety of topics, including how credit unions functioned during the pandemic. He also discussed NCUA’s response to the pandemic, how NCUA has helped members experiencing hardships, and the efforts put in place to enhance cybersecurity among members.

Harper also spoke on behalf of recent rulemakings and actions taken by NCUA including:

• Proposed Rule: Adding Interest Rate Sensitivity to the Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity/Asset-Liability Management or CAMEL Rating
• Proposed Rule: Creating the Complex Credit Union Leverage Ratio and Other Amendments to the NCUA’s 2015 Risk-based Capital Rule System
• Subordinated Debt Final Rules
• Joint-Ownership Share Account Final Rule
• Capitalization of Interest Final Rule

Overall, the NCUA will stay focused on addressing the needs and best interests of credit union members as they continue to navigate throughout the pandemic.