National Credit Union Administration

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National Credit Union Administration

Federal agency that oversees and insures the federal credit union system, and is funded by its members.

National Credit Union Administration

An agency of the United States government that charters and regulates credit unions and insures their deposits up to a certain level so as to reduce pressure for bank panics. Created in 1970 to succeed the Bureau of Federal Credit Unions, which had become inefficient because of the rapid expansion of credit unions in the middle of the 20th century, the NCUA insures deposits up to $100,000 or $250,000, depending on the type of account. This amount may be changed by statute. It does this through the National Credit Union Share Insurance Fund, which is capitalized by the credit unions themselves. The NCUA is also responsible for handling bankruptcies in credit unions. The agency is overseen by a three-member board appointed by the President and confirmed by the Senate for a six-year term. See also: FDIC, Office of Thrift Supervision.

National Credit Union Administration (NCUA).

The National Credit Union Administration (NCUA) is an independent federal agency that authorizes the establishment and oversees the administration of most federal- and state-chartered credit unions in the United States.

The National Credit Union Share Insurance Fund arm of the agency insures credit union deposits, just as the Federal Deposit Insurance Corporation (FDIC) does bank deposits.

NCUA is funded by member credit unions and is backed by the full faith and credit of the federal government.

References in periodicals archive ?
The settlement stems from claims by the NCUA Board filed in 2013 on behalf of U.
government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of over 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
If funds collected from the underlying collateral are insufficient to satisfy periodic interest and any due principal payments, the indenture trustee will notify NCUA of the amount of the shortfall prior to the related payment date.
Each credit union's penalty amount primarily rests on three factors, the NCUA said: The credit union's asset size, its recent Call Report filing history and the length of the delay.
Repackaging the legacy assets into new securities with an NCUA guarantee backed by the unconditional full faith and credit of the United States government;
by the American Bankers Association and several North Carolina banks, a federal appellate court ruled the NCUA did not have the authority to allow credit unions to expand their membership in 1982.
If funds collected from the underlying collateral are insufficient to satisfy periodic interest and any due principal payments, the indenture trustee will notify the NCUA of the amount of the shortfall prior to the related payment date.
The NCUA said it uses the net proceeds to reduce Temporary Corporate Credit Union Stabilization Fund assessments charged to federally insured credit unions to pay for the losses caused by the failure of five corporate credit unions.
Excess Share Insurance coverage extends the deposit insurance available to members above that of NCUA.
NCUA policy has allowed credit unions to add companies and members in addition to the original core group.
The NCUA will operate the credit union and continue to provide credit union services for its members.
Last week, the NCUA board finalized its risk-based capital rule, set to take effect Jan.