Hagen's office identified several other potential challenges the credit union industry must face. They are:

Resolving problem credit unions. While the inspector general did not mention the taxicab industry, Hagen said some credit unions with high concentrations of loans where the underlying assets have declined could fail. The agency must take steps to mitigate that risk, the inspector general said.
Growing disparities between small and large credit unions. "To try and stop this trend, the NCUA must continue to provide these credit unions with technical assistance and training, new opportunities for growth through reduced regulatory burdens, a flexible examination program for well-run, low-risk credit unions, and enhanced chartering and field-of-membership options" Hagen said.
Cybersecurity. "With credit unions and other small financial institutions increasingly targeted, "credit unions must continue to enhance the security of their systems and the NCUA must continue to strengthen the resiliency of the entire credit union system and the agency," the inspector general said.
Increasing interest rates. The inspector general also said that rising interest rates could prove challenging to credit unions that hold either high concentrations of long-term assets funded with short-term liabilities or have rate-sensitive deposits and fixed-rate assets.
Changing demographics. Credit unions must continue to be cognizant of the large number of people who are retiring, as well as new and diverse populations that are entering the financial system. The inspector general said that the NCUA's creation of the Office of Credit Union Resources and Expansion should allow the agency to better facilitate growth in the industry.
Increasing competition and consolidation. The number of credit unions and banks has fallen at a steady rate, the inspector general said. At the same time, institutions are developing new and innovative ways to communicate with consumers. Credit unions that lack the resources to acquire new technology and develop new products face enormous challenges, the inspector general said.

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