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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 ...
This sign, displayed at all insured credit unions, informs members that their savings are insured by the NCUA. In 1970, Congress, approved, and then President Richard M. Nixon signed, Public Law 91-206 [2], creating the National Credit Union Administration as an independent federal financial regulator.
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]
June 26, 1934: Federal Credit Union Act, ... July 22, 1998: Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105–206 (text) ...
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.
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.
The case involves the Federal Credit Union Act, [2] which limits federal credit union membership to “groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community or rural district.” [3] There are three permitted types of common bonds: occupational, associational, and community. Until ...
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