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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.
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 ...
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 ...
SRP Federal Credit Union has reported a data breach that exposed the personal information of more than 240,000 individuals, according to documents filed Friday with regulators in Maine and Texas.
The Credit Union National Extension Bureau (CUNEB) was the organization that advocated for and fostered credit unions in the United States from 1921 until 1934.CUNEB laid the foundation for the Credit Union National Association (CUNA) and the Federal Credit Union Act.