National Credit Union Association - Explained
What is the National Credit Union Association?
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Table of ContentsWhat is the National Credit Union Administration?What Does the National Credit Union Administration Do?
What is the National Credit Union Administration?
The National Credit Union Administration (NCUA) is an independent agency in the executive branch of the United States federal government, responsible for supervising the federal credit unions. The NCUA regulates, charters and supervises the credit unions and insures savings in federal and most state-chartered credit unions.
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What Does the National Credit Union Administration Do?
The NCUA was established on March 10, 1970 and was recognized on November 10, 1978. The NCUA is headed by a three-member board. The board members are appointed by the President of the United States and confirmed by the Senate. The tenure of a board member is six years, but they often continue to hold the position until the next member is appointed. The NCUA has five regional offices each responsible for specific regions. The offices of the NCUA are located at Albany, New York; Alexandria, Virginia; Atlanta, Georgia; Austin, Texas and Tempe, Arizona. The Alexandria office is the headquarter of the NCUA. The NCUA insures, charters, supervises and examines the Federal Credit Unions. The National Credit Union Administration is also responsible for administering the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF insures the deposits at all federal credit unions by using the tax dollars. Savings accounts, checking accounts, money markets, Individual Retirement Accounts, and Revocable Trust Accounts all are insured under the NCUSIF. The NCUA insures the deposits of more than 111 million account holder in all federal credit unions and the majority of the state-chartered credit unions. They manage the Community Development Revolving Loan Fund and run the Central Liquidity Facility. The Central Liquidity Facility is a mixed-ownership government corporation that supplies emergency loans to member credit unions. A website was launched in 2011 by the National Credit Union Administration to guide individuals to make informed financial decisions. The website contains personal finance tips as well as educational information. It provides information regarding the works of credit unions and where to find one. It also provides guidance about how to open a credit union.