Federal Credit
The Federal Credit Union Act is an Act of Congress enacted in 1934. The purpose of the law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions. This Act established the federal credit union system 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, 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-Delitzsch in Germany and Alphonse Desjardins in Canada. Among the individuals responsible for formulating credit union legislation in the United States were Edward Filene, Pierre Jay and Roy Bergengren.
The 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.
References
- ^ See 12 U.S.C. ch.14, also available at
- ^ Presently codified at Mass. Gen. Laws ch. 171, §§ 1-84 (2008)
See also
- Bureau of Federal Credit Unions
- History of credit unions
Services Center Federal Credit Union
Mission Statement The Services Center Federal Credit Union shall strive to provide innovative, financial services that help our members to help themselves improve their financial ...
Federal Tax Credits for Energy Efficiency : ENERGY STAR
Federal Tax Credits for Consumer Energy Efficiency. If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax ...
Lafayette Schools' Federal Credit Union | This is YOUR Credit Union
Lafayette Schools' Federal Credit Union is not responsible for the content or availability of linked sites. Please be advised that Lafayette Schools' Federal Credit Union does not ...
Communication Federal Credit Union
Full service credit union with branches in Broken Arrow, Enid, Lawton, Muskogee, Oklahoma City and Tulsa.
Rolla Federal Credit Union
You work hard for your money. So, it’s important to stretch every dollar. Rolla Federal Credit Union can help. Using financial services at Rolla Federal instead of a large bank ...
Katahdin Federal Credit Union
ATM, ATM Locations, Automobile Loans, AutoVantage, Brokerage, Cash, CDs, Certificates of Deposit, Checks, Checking Accounts, Consumer Loans, Convenience Services, Credit, Credit ...
CPM Federal Credit Union - Homepage
There is hidden code here. Please do no edit this file unless you know what you're doing. Online Tools; CPM Anytime; eStatements; My Card; Applications
Federal Credit Corp
Federal Credit Corp was formed to fill a void in the collection industry by providing a means for creditors to minimize their losses to bad debts, and at the same time provide a ...
TruChoice Federal Credit Union | TruChoice | Federal Credit Union
Truchoice Federal Credit Union web site - offering membership, information and online banking services to members in York and Cumberland Counties, Maine.
Pentagon Federal Credit Union - Wikipedia, the free encyclopedia
Pentagon Federal Credit Union is a federal credit union headquartered in Alexandria, Virginia, chartered and regulated under the authority of the National Credit Union Administration ...
Services Center Federal Credit Union
Mission Statement The Services Center Federal Credit Union shall strive to provide innovative, financial services that help our members to help themselves improve their financial ...
Federal Tax Credits for Energy Efficiency : ENERGY STAR
Federal Tax Credits for Consumer Energy Efficiency. If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax ...
Lafayette Schools' Federal Credit Union | This is YOUR Credit Union
Lafayette Schools' Federal Credit Union is not responsible for the content or availability of linked sites. Please be advised that Lafayette Schools' Federal Credit Union does not ...
Communication Federal Credit Union
Full service credit union with branches in Broken Arrow, Enid, Lawton, Muskogee, Oklahoma City and Tulsa.
Rolla Federal Credit Union
You work hard for your money. So, it’s important to stretch every dollar. Rolla Federal Credit Union can help. Using financial services at Rolla Federal instead of a large bank ...
Katahdin Federal Credit Union
ATM, ATM Locations, Automobile Loans, AutoVantage, Brokerage, Cash, CDs, Certificates of Deposit, Checks, Checking Accounts, Consumer Loans, Convenience Services, Credit, Credit ...
CPM Federal Credit Union - Homepage
There is hidden code here. Please do no edit this file unless you know what you're doing. Online Tools; CPM Anytime; eStatements; My Card; Applications
Federal Credit Corp
Federal Credit Corp was formed to fill a void in the collection industry by providing a means for creditors to minimize their losses to bad debts, and at the same time provide a ...
TruChoice Federal Credit Union | TruChoice | Federal Credit Union
Truchoice Federal Credit Union web site - offering membership, information and online banking services to members in York and Cumberland Counties, Maine.
Pentagon Federal Credit Union - Wikipedia, the free encyclopedia
Pentagon Federal Credit Union is a federal credit union headquartered in Alexandria, Virginia, chartered and regulated under the authority of the National Credit Union Administration ...