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 Act clearly says the only thing the NCUA can do with excess stabilization funds is merge it with the NCUSIF.
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.
However, the NCUA has said it has repaid any money owed to the Treasury.
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.
Specifically, the NCUA agreed that if it were to obtain a claim against a third party, the federal agency would "reduce the judgement or award" in an amount sufficient to hold JPMorgan harmless from any claim from a third party claim against JP Morgan or Long Beach Securities Corp.
In 1982, the NCUA allowed credit unions to add other companies' employees to minimize financial risk if the original company experiences significant layoffs.
As Chairman of the NCUA, I remain committed to providing regulatory relief for the credit union community, in compliance with the Federal Credit Union Act, and to streamlining the operations of NCUA as a prudential regulator.
Green Armor Solutions will enable Mid-Atlantic's members to strengthen authentication for online banking and to meet new FFIEC and NCUA security guidelines without sacrificing user friendliness, and without having to endure a complicated and costly enrollment process.
The NCUA is asking a federal judge to reject the American Bankers Association challenge to the agency's recent field of membership rules, contending that the new regulations do not violate federal law.
At a recent CUNA Technology Council conference, NCUA quoted Board Member GiGi Hyland, as stating, "Credit unions are all about serving their members, IT is the cornerstone from which credit unions build their delivery of services, security of member data, and compliance efforts.
Banking groups are blasting the NCUA for considering expanding options for credit unions to build capital beyond retained earnings, charging that such an expansion would violate federal law.
The FDIC and NCUA have set up toll-free consumer hotlines to assist consumers.