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{{Short description|Independent U.S. federal agency for insuring credit unions}}
{{Short description|Independent U.S. federal agency for insuring credit unions}}
{{primary sources|date=September 2016}}
{{Infobox government agency
{{Infobox government agency
| agency_name    = National Credit Union Administration
| agency_name    = National Credit Union Administration
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{{Banking in the United States}}
 


The '''National Credit Union Administration''' ('''NCUA''') is an American government-backed insurer of [[Credit unions in the United States|credit union]]s in the United States, one of two agencies that provide  [[deposit insurance]] to depositors in U.S. depository institutions, the other being the [[Federal Deposit Insurance Corporation]] (FDIC), which insures [[commercial banks]] and [[savings institutions]]. The NCUA is an [[Independent agencies of the United States government|independent federal agency]] created by the [[United States Congress]] to regulate, [[charter]], and supervise federal credit unions.<ref>{{Cite journal|last=Van Loo|first=Rory|date=2018-08-01|title=Regulatory Monitors: Policing Firms in the Compliance Era|url=https://scholarship.law.bu.edu/faculty_scholarship/265|journal=Faculty Scholarship|volume=119 |issue=2 |page=369 }}</ref>'''{{rp|12}}''' With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the [[National Credit Union Share Insurance Fund]], insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the [[Central Liquidity Facility]] (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
The '''National Credit Union Administration''' ('''NCUA''') is an American government-backed insurer of [[Credit unions in the United States|credit union]]s in the United States, one of two agencies that provide  [[deposit insurance]] to depositors in U.S. depository institutions, the other being the [[Federal Deposit Insurance Corporation]] (FDIC), which insures [[commercial banks]] and [[savings institutions]]. The NCUA is an [[Independent agencies of the United States government|independent federal agency]] created by the [[United States Congress]] to regulate, [[charter]], and supervise federal credit unions.<ref>{{Cite journal|last=Van Loo|first=Rory|date=2018-08-01|title=Regulatory Monitors: Policing Firms in the Compliance Era|url=https://scholarship.law.bu.edu/faculty_scholarship/265|journal=Faculty Scholarship|volume=119 |issue=2 |page=369 }}</ref>'''{{rp|12}}''' With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the [[National Credit Union Share Insurance Fund]], insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the [[Central Liquidity Facility]] (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
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As part of the [[New Deal]], President [[Franklin D. Roosevelt]] signed the [[Federal Credit Union Act]] into law in 1934. The law allowed the chartering of federal credit unions in all states. The federal law sought to make credit available and promote thrift through a national system of nonprofit, cooperative credit.
As part of the [[New Deal]], President [[Franklin D. Roosevelt]] signed the [[Federal Credit Union Act]] into law in 1934. The law allowed the chartering of federal credit unions in all states. The federal law sought to make credit available and promote thrift through a national system of nonprofit, cooperative credit.


At first, the newly created [[Bureau of Federal Credit Unions]] was housed at the [[Farm Credit Administration]]. Regulatory responsibility shifted over the years as the bureau migrated from the [[Federal Deposit Insurance Corporation]] to the [[Federal Security Agency]], then to the [[Department of Health, Education, and Welfare]].
At first, the newly created Bureau of Federal Credit Unions was housed at the [[Farm Credit Administration]]. Regulatory responsibility shifted over the years as the bureau migrated from the [[Federal Deposit Insurance Corporation]] to the [[Federal Security Agency]], then to the Department of Health, Education, and Welfare.


In the 1940s and 1950s, credit unions grew steadily, reaching a membership of more than six million people at over 10,000 federal credit unions by 1960.
In the 1940s and 1950s, credit unions grew steadily, reaching a membership of more than six million people at over 10,000 federal credit unions by 1960.
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