Unmodified or “clean” audits of programs managed by the federal credit union regulator – including the $21.4 billion fund that ensures the savings of credit union members – were announced Tuesday by the agency.
According to the National Credit Union Administration (NCUA), the four funds (which are the savings insurance program known as the National Credit Union Share Insurance Fund [NCUSIF], the Central Liquidity Facility [CLF], the agency’s “operating fund” and the Community Development Revolving Loan Fund [CDRLF]) all earned the so-called “clean” audit opinions for 2023.
The audits of the financial statements for the four programs were performed by accounting firm KPMG LLP.
NCUA also noted that the insurance fund insures savings of more than 138 million credit union members nationwide at more than 4,600 federally insured credit unions.
The CLF is a program that offers short-term loans to credit unions to cover their needs during periods of tight liquidity. The CDRLF offers grants and loans to low-income credit unions to extend services to their members and improve credit union operations. The agency’s “operating fund” is that part of its annual budget that covers the major components of the agency’s expenses, including personnel, travel and other areas.