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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
"NCUA must do what it can to stop the bleeding," Meng said, in explaining the rationale behind the letter.
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The NCUA, like the AICPA, worked closely with legislators in developing the many components of this bill and was satisfied with the results.
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However, the NCUA has said it has repaid any money owed to the Treasury.
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., according to the 16-page lawsuit.
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The American Bankers Association and the Independent Community Bankers Association of America leveled the charges, as they filed comments on the NCUA proposal.
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