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The general provisions in the Federal Act were based on the Massachusetts Credit Union Act of 1909, [2] and became the basis of many other state credit union laws. Under the provisions of the Federal Credit Union Act, a credit union may be chartered under either federal or state law, a system known as dual chartering, which is still in ...
The Bureau of Federal Credit Unions was a federal agency in the United States that supervised and chartered federal credit unions from 1934 until 1970. The Bureau was created through the Federal Credit Union Act as part of the New Deal. It was self-financing and did not receive appropriations from general Treasury funds. [1]
In the United States, the National Credit Union Administration or a state regulator – depending upon whether or not the credit union is chartered by the federal government or by a state – decides whether or not to approve or deny proposed field of membership expansions or charter conversions to other credit union charters. [26]
The NCUSIF is supervised by the National Credit Union Agency, an independent federal agency created in 1970. The NCUSIF has the full backing of the U.S. government in case an insured credit union ...
The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by the United States Congress in 1970 to insure members' deposits in federally insured credit unions. On July 22, 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA's standard ...
The Massachusetts Credit Union Act of 1909 was signed into law and credit unions were formed throughout the state. Filene organized the National Association of Peoples Banks to advance the credit union cause in the United States. Little progress was made until 1921, when Filene observed in Roy Bergengren the key organizer he needed. Together ...
Senator Morris Sheppard and Congressman Wright Patman are considered the fathers of the Federal Credit Union Act of 1934. Sheppard was the act's author. The bill had stalled in the United States House of Representatives, considerably shortening the time the United States Senate had to pass the final version. Rather than sending the bill to a ...
For example, the Indiana Credit Union League sponsors an initiative called "Ignite", which is used to encourage innovation in the credit union industry, with the Filene Research Institute. [ 38 ] The Credit Union National Association (CUNA) is a national trade association for both state- and federally chartered credit unions located in the ...