National Credit Union Administration

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The National Credit Union Administration (NCUA) is an independent federal agency created to regulate and supervise federal credit unions. Established in 1934 as the Bureau of Federal Credit Unions, the NCUA was renamed in 1970 due to an overhauling of the agency's authority and the formation of the National Credit Union Share Insurance Fund (NCUSIF), a fund intended to insure deposits at federal credit unions.[1]

HIGHLIGHTS
  • The National Credit Union was created in 1934 as the Bureau of Federal Credit Unions. It was renamed to the NCUA in 1970
  • The NCUA has rulemaking and supervisory authority over federal credit unions, which are required to be members of the NCUA.
  • The NCUA is funded entirely by member dues, and does not receive public funds. Though it is not required, most state-chartered unions are also members.

    • Background

    The Bureau of Federal Credit Unions was created in 1934 as part of the Federal Credit Union Act. According to the text of the act, the law was intended to promote the availability of credit through the creation and promotion of nonprofit credit unions. From its establishment, the Bureau of Federal Credit Unions was a part of the Farm Credit Administration. In 1970, the National Credit Union Share Insurance Fund (NCUSIF) was formed to insure deposits at federal credit unions, and the Bureau of Federal Credit Unions was renamed as the National Credit Union Administration. At that time, the agency became independent.[2]

    Organization

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    The NCUA is governed by a three-member board appointed by the President of the United States with the advice and consent of the United States Senate. Members serve six-year terms. The NCUA operates 16 offices in three regions, which cover specific states and territories. As of February 2024, the NCUA employed approximately 1,200 people.[3]

    Authority and responsibilities

    Deposits at federal credit unions are insured up to $250,000 by the NCUSIF, a fund the NCUA administers. In addition to deposit coverage, the NCUA is responsible for the supervision, chartering, and regulation of federal credit unions. The NCUA has the authority to set the requirements to charter a federal credit union and to regulate the organization and operations of federal credit unions.[4]

    The NCUA and NCUSIF do not receive public funds and are instead funded by dues paid by participating federal credit unions. All federally-chartered credit unions are required to participate. Though it is not required of them, most state-chartered credit unions also participate.[5]

    See also

    External links

    Footnotes

    1. ↑ National Credit Union Administration, "History," August 28, 2015
    2. ↑ National Credit Union Administration, "History," accessed February 27, 2017
    3. ↑ National Credit Union Administration, "Leadership," accessed February 23, 2024
    4. ↑ National Credit Union Administration, "Rules and Regulations," accessed February 27, 2017
    5. ↑ National Credit Union Administration, "Share Insurance Fund Overview," September 21, 2015
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