- Federal Credit Union Act
The Federal Credit Union Act is a
United States federal law[See 12 U.S.C. §§ 1751-1795k, available at http://www.ncua.gov/RegulationsOpinionsLaws/fcu_act/fcu_act.pdf] signed into law by President Franklin D. Rooseveltin 1934. The purpose of the law was to make credit available and promote thrift through a national system of nonprofit, cooperativecredit unions. This Act established the federal credit unionsystem and created the Bureau of Federal Credit Unions, the predecessor to the National Credit Union Administration, to charter and oversee federal credit unions. The general provisions in the Federal Act were based on the Massachusetts Credit Union Act of 1909, [Presently codified at Mass. Gen. Laws ch. 171, §§ 1-84 (2008)] and became the basis of many other state credit union laws. Under the provisions of the Federal Credit Union Act, a credit union may be chartered under either federal or state law, a system known as dual chartering, which is still in existence today.
Credit union law in the U.S. built on earlier legislation such as that developed by
Franz Hermann Schulze-Delitzschin Germany and Alphonse Desjardinsin Canada. Among the individuals responsible for formulating credit union legislation in the United States were Edward Filene, Pierre Jayand Roy Bergengren.
The Federal Credit Union Act is amended periodically to evolve and remain a modern credit union law. This contemporary law, coupled with the NCUA Board's commitment to reduce regulatory burden, enables federal credit unions to offer a variety of services to meet the financial needs of their members. For example, in addition to basic passbook share
savings accounts, many federal credit unions offer share drafts, share certificates, credit cards, and individual retirement accounts. In recent years, many have expanded their lending programs to include real estate, member business, and guaranteed student loans as well as the traditional consumer loans (primarily auto and signature loans). As technology evolves, more and more federal credit unions respond by offering transaction services by telephone and by personal computer via the internet.
* [http://www.nafcu.org/ National Association of Federal Credit Unions]
* U.S. government information about [http://www.pueblo.gsa.gov/cic_text/money/credit-unions/fedcredt.htm federal credit unions]
* [http://www.ncua.gov/AboutNCUA/Index.htm NCUA History]
* A [http://www.usafedcu.org/about/creditunion.html brief history of credit unions] on USA Federal Credit Union's web site.
Wikimedia Foundation. 2010.
Look at other dictionaries:
Credit Union Act — An act of Congress providing for federal credit unions and the supervision thereof. 12 USC §§ 1751 et seq … Ballentine's law dictionary
Navy Federal Credit Union — Type Credit union Industry Financial services Founded 1933 Headquarters Vienna … Wikipedia
Nevada Federal Credit Union — Nevada Federal Credit Union, a federally chartered credit union headquartered in Las Vegas, Nevada, is one of the largest credit unions in the state with locations in Las Vegas, Henderson, Reno, Sparks, North Las Vegas and Pahrump. It operates… … Wikipedia
credit union — n: a cooperative association that makes small loans to its members at low interest rates and offers other banking services (as savings and checking accounts) Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. credit union … Law dictionary
Credit union — Financial market participants Collective invest … Wikipedia
Credit CARD Act of 2009 — CARD redirects here. For other uses, see CARD (disambiguation). Credit Card Accountability Responsibility and Disclosure Act of 2009 Full title An Act to amend the Truth in Lending Act to establish fair and transparent practices relating to the… … Wikipedia
Credit Union National Extension Bureau — The Credit Union National Extension Bureau (CUNEB) was the organization that advocated for and fostered credit unions in the United States from 1921 until 1934. CUNEB laid the foundation for the Credit Union National Association (CUNA) and the… … Wikipedia
Credit Union Membership Access Act — The Credit Union Membership Access Act is an Act for the United States government that amended the Federal Credit Union Act in 1998. The bill was proposed on the heels of the Supreme Court decision in NCUA v. First National Bank Trust against the … Wikipedia
Credit union league — A credit union league is a United States state level trade association for credit unions, which are non profit financial cooperatives. Credit union leagues hold a primary interest in the Credit Union National Association (CUNA). Many credit union … Wikipedia
credit union — A corporation organized under special statutory provisions to promote thrift among, and provide credit for, its members. 13 Am J2d B & L ASSO § 4. A cooperative association organized under the Federal Credit Union Act for the purpose of promoting … Ballentine's law dictionary