Here’s a closer look at the National Credit Union Administration, its history, what it does and how it compares to the FDIC:
The National Credit Union Administration is an independent federal agency that supports and regulates federal credit unions and their customers in the United States.was established in 1909 in New Hampshire, along with the first legislation regarding credit unions.
In 1942, the FDIC started to regulate federal credit unions. As credit unions became a more popular banking option, however, there was a need for separate regulation and insurance. Since its inception, the NCUA has worked to support consumers with fair financial practices through federally insured credit unions.
The NCUA is overseen by a three-person board of directors, including a chairman who is appointed by the president and confirmed by the Senate. The board members serve staggered six-year terms, and no more than two board members can be from the same political party.For the more than 9,500 federally chartered credit unions in the U.S and their customers, the NCUA provides support in several ways:The federal agency provides licenses for credit unions to operate, called charters.Monitor.
The NCUA insures individual credit union accounts up to $250,000 per depositor. Should your credit union fail or close its doors, the NCUA matches your deposits up to the allowable limit based on account type. Not all accounts are treated the same and come with the same coverage rules. Here’s a look at coverage limits based on account type.
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