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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 ...
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]
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 ...
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 ...
Download as PDF; Printable version; ... Communications Act of 1934; ... Federal Credit Union Act; Fish and Wildlife Coordination Act; Frazier–Lemke Farm Bankruptcy Act;
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.
The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by the United States Congress in 1970 to insure members' deposits in federally insured credit unions. On July 22, 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA's standard ...
Dual chartering refers to the system by which credit unions in the United States can be chartered under either of two governmental authorities; by either the federal government or by the state government. [1] This system exists because of the Federal Credit Union Act, which Congress passed in 1934.