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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The books of every credit union should be kept in accordance with well-established accounting principles. In each instance, a credit union's records and accounts should reflect its actual financial condition and accurate results of operations. Records should be current and provide an audit trail.
The law amends a number of existing laws: United States Housing Act of 1937, Anti-Drug Abuse Act of 1988, The Department of Housing and Urban Development Reform Act of 1989, The Housing and Community Development Amendments of 1981, The Cranston-Gonzales National Housing Act of 1990, The Federal Deposit Insurance Act, and the Federal Credit ...
Credit unions therefore often have a higher “cost of assets” (i.e. interest expense as a percentage of average assets) than commercial banks, with aggregate U.S. credit union cost of assets being higher than the aggregate U.S. bank cost of assets in eight of the thirteen years between 1995 and 2007.
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 ...
Credit union members with share accounts in multiple ownership groups will receive up to $250,000 in coverage for each ownership group. The NCUSIF insures the following ownership groups up to ...
Regulation D was known directly to the public for its former provision that limited withdrawals or outgoing transfers from a savings or money market account. No more than six such transactions per statement period could be made from an account by various "convenient" methods, which included checks, debit card payments, and automatic transactions such as automated clearing house transfers or ...
This is a partial list of credit unions in the United States. A credit union is a member-owned financial cooperative , democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [ 1 ]