National Credit Union Administration (redirected from NCUA)

National Credit Union Administration

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

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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.

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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.