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Simple English definitions for legal terms
National Credit Union Administration
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A quick definition of National Credit Union Administration:
National Credit Union Administration (NCUA) is a government agency that helps to make sure that credit unions are safe and secure for people to use. They do this by giving credit unions permission to operate, making sure they follow rules, and checking on them regularly. They also have a special fund that helps protect people's money if something goes wrong with a credit union. NCUA was created in 1970 and helps to make sure that people can trust the credit unions they use.
A more thorough explanation:
The National Credit Union Administration (NCUA) is an independent federal agency that oversees and regulates federal credit unions in the United States. It was established in 1970 and reorganized in 1978.
The NCUA has several responsibilities:
- Chartering federal credit unions
- Insuring federal credit unions through the National Credit Union Share Insurance Fund
- Supervising and examining federal credit unions to ensure they are operating safely and soundly
- Administering the Community Development Revolving Loan Fund
- Managing the Central Liquidity Facility, which provides emergency loans to member credit unions
For example, if you belong to a federal credit union, the NCUA ensures that your deposits are insured up to a certain amount in case the credit union fails. The NCUA also examines the credit union to make sure it is following all the rules and regulations to protect your money.
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