An audit of the NCUA's four permanent funds received a clean audit opinion for2015, according to a report released by the Office of the InspectorGeneral Tuesday.

The audited financial reports included the National Credit UnionShare Insurance Fund, the agency's Operating Fund, the CentralLiquidity Facility and the Community Development Revolving LoanFund, and was prepared by independent auditor KPMG LLP.

The OIG report said there are “three emerging risks” that willprovide unique challenges to the agency, and could potentiallyaffect the safety and soundness of the credit union system and theShare Insurance Fund if not adequately managed in 2016. They wereaging membership, disparities in performance between large andsmall credit unions, and vendor authority. These emerging riskswere in addition to continuing concerns from the 2015report, which included both interest rate risks, as well ascybersecurity concerns.

“Year after year, the results of the independent audit confirm[the] NCUA's careful management of our permanent funds, and eachyear the agency makes complete financial reports available as partof our ongoing commitment to transparency,” NCUA Board ChairmanDebbie Matz said. “Credit goes to all the staff members who work sohard to ensure the stability of the permanent funds.”

The Share Insurance Fund held more than $12.3 billion in totalassets as of Dec. 31, 2015. The Share Insurance Fund protectsmember deposits up to $250,000 for more than 102 million consumersat more than 6,000 federally insured credit unions.

The clean audit was applauded by NAFCU Chief Economist and Director of Research Curt Long.

“The financial condition of the Share Insurance Fund reflectsthe fact that the industry is healthy and growing, with fewerlosses for failed credit unions,” he said in a statement.

Long further noted that the impact of stronger share growth in alow-interest rate environment may put pressure on the equity ratioin coming years.

“NAFCU will continue to monitor the health of the fund and workwith the agency to ensure that credit unions and their members areprotected from any unnecessary assessments,” he said.

KPMG said it expects to issue an opinion on the 2015 financialstatements for the Temporary Corporate Credit Union StabilizationFund in March. That fund received a clean audit in 2014.