NCUA in the News This Week

NCUA’s Funds Receive Clean Audit Opinions

February 15, 2022 – The National Credit Union Administration’s four funds again earned unmodified, or “clean,” audit opinions for 2021, according to audited financial statements released today by the agency’s Office of the Inspector General.

The complete 2021 financial statement audits are available on NCUA.gov.

The financial statements, audited by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund.

View the entire press release​

Inspector General Urges NCUA to Review Some of Its Hiring Practices

Courtesy of CU Today

February 13, 2022 – NCUA should review some of its hiring practices for compliance while also doing a better job of ensuring job applicants’ qualifications are verified prior to candidates being brought in for interviews, according to a new report by the agency’s Office of Inspector General (OIG).

The OIG’s new report, which it said was “self-initiated,” focused on the period from January 2019-December 2020 and said it found the agency’s hiring practices were largely in accordance with requirements from the Office of Personnel Management, other federal requirements and the agency itself, but there are issues around how efficient the system is for identifying high-quality candidates.

According to the OIG, when it comes to hiring practices, the NCUA has not been in full compliance with requirements for timely notice to candidates on the status of their applications, and not all case files included “sufficient records to allow reconstruction of each merit promotion action from the request for personnel action to final selection (or non-selection) documents.”

Some ‘Missteps’

When it comes to verifying the qualifications of applicants, meanwhile, the OIG said in its review of the process for hiring an agency general counsel it found some “missteps” that led to an 18-month timespan to fill the position as a result. In addition, the OIG report states that it further found that in a process that began in June 2019, the agency did not validate the qualifications of General Counsel candidates a recruiting firm had referred to the agency before the Executive Resources Board and the NCUA board conducted interviews of the candidates.

“As a result, NCUA’s executive leadership interviewed a candidate who did not qualify …,” the OIG report states, specifically saying the issue occurred because human resources personnel did not request SF-50 documentation from the candidates early in the hiring process.

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