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 National Credit Union Administration is the regulator for all federally chartered credit unions and insurer of almost all state chartered credit unions in the country.
However, under California law, Premier America must still be insured by the federal government, said Lesia Bullock, a spokeswoman with the National Credit Union Administration.
This growth is due in large part to technical assistance grants and a $15 million revolving loan fund established by Congress and administered by the National Credit Union Administration, the federal agency that oversees and insures the nearly 12,000 credit unions nationwide.
SAN FRANCISCO -- The Department of Financial Institutions (DFI) today announced that Arrowhead Central Credit Union was placed into conservatorship by the National Credit Union Administration (NCUA).
The Brooklyn-based financial institution also welcomed a new member: the former chairman of the National Credit Union Administration, Michael E.
The National Credit Union Administration of the United States has filed a case against Morgan Stanley and Co, alleging violation of federal and state securities laws in the sale of bad mortgage bonds.
The guidance is being issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency and was published in the Federal Register.
Another reported that AFCU had gotten in trouble with the National Credit Union Administration for leaving some required boilerplate off of a billboard promoting its excess deposit insurance.
the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision--issued Bank Secrecy Act procedures that guide implementation of, and provide a consistent approach to examining, the customer identification programs (CIP) that domestic and foreign banking organizations were required to establish under section 326 of the USA Patriot Act.
Point Mugu Federal Credit Union formally filed to become a co-defendant in a case brought by bankers against the federal regulator of credit unions, the National Credit Union Administration.
Second Baptist is a state-chartered credit union based in Los Angeles and insured by the National Credit Union Administration (NCUA).
11, 2013 /PRNewswire/ -- Following the famed Pulaski Day Parade in New York, the Polish & Slavic Federal Credit Union received praise from two distinguished visitors to its Brooklyn headquarters, National Credit Union Administration (NCUA) Board Member Michael E.

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