Federal Reports

This report transmits KPMG LLP’s report on its financial statement audit of the NCUA financial statements for the Temporary Corporate Credit Union Stabilization Fund (TCCUSF), which comprise the balance sheets as of September 30, 2017 and December 31, 2016, and the related statements of net cost, changes in net position, and combined statements of budgetary resources for the periods then ended, and the related notes to the financial statements. On September 28, 2017, the NCUA Board voted unanimously to close the TCCUSF effective October 1, 2017, ahead of its sunset date of June 30, 2021.

Enclosed is our report on the Denali Commission’s Top Management and Performance Challenges for fiscal year (FY) 2018. According to a study by the United States Government Accountability Office (GAO), the Commission faces several challenges in fulfilling its statutory purpose of providing, among other things, infrastructure and economic development services to rural Alaskan villages. The Commission’s role, combined with continued budget reductions, poses a substantial challenge for the agency. In addition, the upcoming vacancy in the federal co-chair position presents a new challenge that has not been encountered since FY 2014.