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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 ...
It ruled that the NCUA's policy of permitting multiple groups in one field of membership was a correct interpretation of the Federal Credit Union Act. The decision was appealed by the bankers. In July 1996, the U.S. Court of Appeals D.C. Circuit overturned the District Court decision and ruled that all members of a federal credit union must ...
Despite opposition from the banking industry, the Federal Credit Union Act was signed into law in 1934 as part of the New Deal, allowing the creation of federally chartered credit unions in the United States. The Credit Union National Association (CUNA) was formed and by 1937, 6400 credit unions with 1.5 million members were active in 45 states ...
in section 107 [8] ("equalizing competitive opportunities for united states and foreign banks"): (f) MEETING COMMUNITY CREDIT NEEDS. Section 5(a) of the International Banking Act of 1978 (12 U.S.C. 3103(a)) (as amended by section 104 of this Act) is amended by inserting after paragraph (7) the following new paragraph:
The NCUSIF is supervised by the National Credit Union Agency, an independent federal agency created in 1970. ... Each credit union must have a defined membership per the Federal Credit Union Act ...
As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. [5] Total credit union assets in the U.S. reached $1 trillion as of March 2012. [6]
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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]