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The Federal Credit Union Act is an Act of Congress [1] enacted in 1934. The purpose of the law was to make credit available and promote thrift through a national system of nonprofit , cooperative credit unions .
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 1982, [3] the NCUA began permitting credit unions to be composed of multiple unrelated employer groups. The bankers sued, contending that AT&T Family Federal's membership expansion was wrong and said the NCUA had violated the Federal Credit Union Act. The case was heard before a Washington, D.C. District Court in September 1994.
Each credit union must have a defined membership per the Federal Credit Union Act of 1934. Therefore, not everyone is eligible to join every credit union.
Federal credit unions may also be members of the National Association of Federal Credit Unions (NAFCU). [44] Credit unions can also participate in a credit union service organization (CUSO) that provides shared resources to member credit unions such as call centers, lending teams, and data centers. Participating in a CUSO allows credit unions ...
Key takeaways. The National Credit Union Administration (NCUA) is the government agency that insures deposits at member credit unions. When your money is in a share account with a federally ...
Credit unions typically offer lower interest rates than traditional banks on loan products and credit cards — while also offering higher rates on savings and CD accounts. Part of this is due to ...
The National Credit Union Administration is the U.S. independent federal agency that supervises and charters federal credit unions. As of December 31, 2022, there were 4,760 federally insured credit unions in the United States with 135.3 million members.