Federal Reports

The National Credit Union Administration (NCUA) Office of Inspector General (OIG) conducted this self-initiated audit to assess the Central Liquidity Facility (CLF). The objectives of our audit were to determine: (1) whether the NCUA operates the CLF in accordance with relevant laws, regulations, policies, and procedures; and (2) the utilization of the CLF by credit unions covered by the temporary authority granted by the CARES Act.

Results of our audit determined the NCUA operated the CLF in accordance with applicable laws and substantially complied with regulations and its own policies and procedures. We determined the annual stock adjustment done by the CLF was not entirely done in accordance with regulations as the CLF did not receive payments for adjustments to member capital stock subscriptions no later than March 31. However, we determined the financial impact of these payments not being received by March 31 was de minimis. We also determined the CLF was being utilized as evidenced by its growth in members. While we are making no recommendations in our report to management, we are suggesting management determine whether they want to pursue any action to extend the due date beyond March 31st for the annual stock adjustment payments to the CLF.

To learn how communities across the nation responded to the pandemic, we initiated a multi-part review of six communities—two cities, two rural counties, and two Tribal reservations. This report is the fourth community-specific report and focuses on our work in White Earth Nation Reservation in Minnesota, where we previously identified that recipients, including city government, small businesses, and individuals, received almost $278 million from 56 pandemic relief programs and subprograms. This report provides a closer look at ten pandemic programs and subprograms provided to White Earth Nation Reservation by seven federal departments.