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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 ...
It ruled that the NCUA's policy of permitting multiple groups in one field of membership was a correct interpretation of the Federal Credit Union Act. The decision was appealed by the bankers. In July 1996, the U.S. Court of Appeals D.C. Circuit overturned the District Court decision and ruled that all members of a federal credit union must ...
in section 107 [8] ("equalizing competitive opportunities for united states and foreign banks"): (f) MEETING COMMUNITY CREDIT NEEDS. Section 5(a) of the International Banking Act of 1978 (12 U.S.C. 3103(a)) (as amended by section 104 of this Act) is amended by inserting after paragraph (7) the following new paragraph:
The NCUSIF is supervised by the National Credit Union Agency, an independent federal agency created in 1970. ... Each credit union must have a defined membership per the Federal Credit Union Act ...
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 ...
In the United States, credit unions incorporated and operating under a state credit union law are tax-exempt under Section 501(c)(14)(A). [22] Federal credit unions organized and operated in accordance with the Federal Credit Union Act are tax-exempt under Section 501(c)(1). [23]
July 11, 1916: Federal Aid Road Act of 1916, ... Federal Credit Union Act, ... 1993: Family and Medical Leave Act of 1993, Pub. L. 103–3, 107 Stat. 6;
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