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2015 Annual Report NATIONAL CREDIT UNION ADMINISTRATION 2015 Annual Report www.NCUA.gov 2015 Annual Report CRED L IT A N U O N I I T O A N N A D N M I O I N T I S T R A National Credit Union Administration Office of the Chairman March 15, 2016 To the Members of the Senate Banking and House Financial Services Committees: On behalf of the National Credit Union Administration and in the spirit of transparency, I am pleased to submit NCUA’s 2015 Annual Report for your review. This report reviews the agency’s performance in 2015 and includes the audited financial statements for NCUA’s four permanent funds. These funds include the National Credit Union Share Insurance Fund, the NCUA Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund. NCUA works to foster the safety and soundness of federally insured credit unions. We also work to better enable the credit union community’s ability to extend credit for productive and provident purposes to all Americans. Further, NCUA vigorously works to protect the Share Insurance Fund from losses. In its performance, NCUA strives to ensure that credit unions are empowered to make business decisions necessary to serve the diverse needs of their existing members and potential members. NCUA achieves this objective by establishing a regulatory environment that encourages innovation, flexibility, and a continued focus on improving service to existing members and attracting new members. NCUA developed the agency’s 2015 Annual Report in accordance with the requirements of: nnSection 102(d) of the Federal Credit Union Act, nnthe Chief Financial Officers Act of 1990, and nnthe Government Performance and Results Modernization Act of 2010. In accordance with the Reports Consolidation Act of 2000, NCUA also completed an assessment of the reliability of the performance data contained in this report. No material inadequacies were found, and the data are considered to be complete and reliable. Sincerely, Debbie Matz Chairman 1775 Duke Street • Alexandria, VA 22314-3428 • 703-518-6300 ABOUT THIS REPORT NCUA’s 2015 Annual Report provides financial and high-level performance results and demonstrates to the Congress, the President, and the public the agency’s commitment to its mission and accountability over the resources entrusted to it. The report details the agency’s major regulatory and policy initiatives, activities and accomplishments. It also contains financial statements and audit information for the four permanent funds that 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 2015 Annual Report focuses on NCUA’s strategic goals and performance results, and includes the agency’s audited financial statements for its four permanant funds. This report and prior NCUA annual reports are available on NCUA’s website at https://www.ncua.gov/NewsRoom/Pages/publications/annual-reports.aspx. To comment on this report, email [email protected]. 2015 NCUA ANNUAL REPORT | i TABLE OF CONTENTS MESSAGE FROM THE CHAIRMAN ......................................................1 INTRODUCTION TO THE REPORT .......................................................5 List of Acronyms and Key Terms .................................................................. 6 MANAGEMENT’S DISCUSSION AND ANALYSIS .................................9 NCUA in Brief ............................................................................................... 9 2015 Year in Review .................................................................................. 16 Financial Highlights .................................................................................... 51 Performance Highlights ............................................................................. 57 Management Assurances and Compliance with Laws ............................... 58 PERFORMANCE RESULTS .................................................................61 Data Management and Reliability ............................................................. 63 Performance Results by Strategic Goal ...................................................... 63 Agency Priority Goals ................................................................................ 83 Cross-Agency Priority Goals and Collaboration ......................................... 86 Program Evaluation and Research ............................................................. 86 FINANCIALS SECTION .......................................................................87 Message from the Chief Financial Officer.................................................. 88 Letter from the Inspector General ............................................................. 89 Share Insurance Fund ................................................................................ 93 Operating Fund ........................................................................................ 131 Central Liquidity Facility .......................................................................... 151 Community Development Revolving Loan Fund ..................................... 167 OTHER INFORMATION .....................................................................181 Summary of Financial Statement Audit and Management Assurances... 182 Civil Monetary Penalty Adjustment for Inflation ..................................... 183 STATISTICAL DATA ............................................................................185 2015 Credit Union System Performance Summary ................................ 186 National Credit Union Share Insurance Fund Ten-Year Trends ................ 188 Credit Union System Performance Five-Year Trends ............................... 190 Summary of Performance for Federally Insured Credit Unions ............... 196 CRED L IT A N U ii | 2015 NCUA ANNUAL REPORT O N I I T O A N N A D N M I O I N T I S T R A 2015 NCUA ANNUAL REPORT | 1 n MESSAGE FROM THE CHAIRMAN am pleased to report that 2015 was another good year for America’s credit union system, which remains both safe and sound. By nearly all measures, credit unions have returned to pre-financial crisis performance levels. I Notably, during 2015, membership at our nation’s 6,021 federally insured credit unions continued to grow, reaching 102.7 million members. Over the year, assets rose to $1.2 trillion, an increase of 32 percent since 2010. Credit unions also continued to benefit from steady economic growth. Lending at federally insured credit unions grew by nearly 10.5 percent, with significant growth in auto lending and residential mortgages. During 2015, the credit union system’s net worth ratio remained steady at 10.92 percent, well above the statutory well-capitalized standard of 7.0 percent. After five years focused on strengthening the regulatory framework to withstand another crisis, NCUA shifted focus in 2015 toward regulatory relief. 2015: THE YEAR OF REGULATORY RELIEF Credit union members depend on NCUA to protect their savings. NCUA does so by examining credit unions for safety, soundness and compliance with federal regulations. However, to the extent we can provide credit unions with regulatory relief without sacrificing prudential standards, NCUA did so at a rapid pace in 2015. During the “Year of Regulatory Relief,” NCUA finalized or proposed 15 modernized regulations to reduce compliance burdens or authorize new powers. Touching on key stakeholder concerns, these initiatives removed outdated procedures and non-statutory requirements. They also gave credit unions greater flexibility to make decisions and serve their members’ needs. Among our most significant regulatory relief initiatives, we: nnEliminated the 5-percent cap on fixed assets and removed the need for federal credit unions to apply to NCUA for fixed-asset waivers. In doing so, we transferred the power to make business decisions about purchasing land, buildings, office equipment and technology to credit union officials—where it belongs. 2 | 2015 NCUA ANNUAL REPORT nnAllowed federal credit unions to automatically add 12 pre-approved categories of associational groups to their charters. This change makes it easier for federal credit unions to grow their fields of membership. nnExpanded share insurance coverage for certain types of escrow accounts. Our updated share insurance regulation provides greater clarity and regulatory certainty around broad categories of escrow accounts that now automatically receive pass-through coverage. In addition to lawyers’ trust accounts, these accounts include real estate agents’ escrow accounts, prepaid funeral accounts and other similar escrow accounts. nnAmended our corporate credit union rule to permit corporate credit unions to make bridge loans for up to 10 business days. The change provides interim funding to Central Liquidity Facility borrowers, allowing consumer credit unions to receive funds more quickly. nnLifted the asset ceiling on the definition of “small” credit unions from $50 million to $100 million. As a result of this change, nearly three out of every four credit unions are now eligible for special consideration for regulatory relief in future rulemakings. nnProposed expanding field of membership options for community charters and occupational charters. If adopted, federal credit unions would be eligible to serve entire congressional districts, combined-statistical areas with populations up to 2.5 million or rural districts with populations up to one million. Federal credit unions
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