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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 ...
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:
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]
In the United States, credit unions incorporated and operating under a state credit union law are tax-exempt under Section 501(c)(14)(A). [22] Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501(c)(1). [23]
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 ...
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Fair Credit Billing Act; Fair Credit Reporting Act; Fair Debt Collection Practices Act; Farm Credit Act of 1971; Federal Farm Loan Act; Federal Deposit Insurance Corporation Improvement Act of 1991; Federal Home Loan Bank Act; Federal Reserve Act; Financial Institutions Reform, Recovery, and Enforcement Act of 1989; Frazier–Lemke Farm ...
The next year, President Roosevelt signed into law the Federal Credit Union Act, which would eventually become the basis of business for the credit union. On July 17, 1947, the credit union was granted a federal charter as a credit union, named Navy Department Employees Federal Credit Union (NDEFCU).