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National Credit Union Administration: Difference between revisions
National Credit Union Administration (view source)
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{{Organization | |||
|OrganizationName=National Credit Union Administration | |||
|OrganizationType=Independent Agencies | |||
|Mission=The NCUA ensures the safety and soundness of federally insured credit unions by regulating, supervising, and insuring credit unions, thereby protecting credit union members and fostering financial stability. | |||
|CreationLegislation=Federal Credit Union Act of 1970 | |||
|Employees=1200 | |||
|Budget=$385.7 million (Fiscal Year 2024) | |||
|OrganizationExecutive=Chairman | |||
|Services=Credit Union Regulation; Share Insurance; Consumer Protection; Examination and Supervision | |||
|Regulations=12 CFR Part 701 (Organization and Operations of Federal Credit Unions); 12 CFR Part 741 (Requirements for Insurance) | |||
|HeadquartersLocation=38.80425, -77.06027 | |||
|HeadquartersAddress=1775 Duke Street, Alexandria, VA 22314 | |||
|Website=https://www.ncua.gov | |||
}} | |||
{{Short description|Independent U.S. federal agency for insuring credit unions}} | {{Short description|Independent U.S. federal agency for insuring credit unions}} | ||
{{Infobox government agency | {{Infobox government agency | ||
| agency_name = National Credit Union Administration | | agency_name = National Credit Union Administration | ||
| Line 35: | Line 49: | ||
| logo = | | logo = | ||
}} | }} | ||
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 | 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. | ||