FCUAFederal Credit Union Act
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18) In 1934, Congress passed the FCUA, which was based on the systems of the state credit unions, in response to the Great Depression and the havoc it caused among middle and low income workers.
20) Building on this belief, section 109 of the FCUA stated that federal credit union membership was "limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, small community, or rural district.
It is clear from the legislative history surrounding the passage of the FCUA in 1934 that Congress saw the common-bond requirement as critical to the success of credit unions:
The particular case at issue involved the AT&T Family Credit Union and the NCUA's interpretation of the 1934 FCUA allowing multiple common bonds of membership.
Even though the NCUA's latest small entity rule is final, the agency can nevertheless retool how it develops and applies future rules and regulations -- on virtually all issues -- that will be consistent with the FCUA, the RFA, safety and soundness and better risk management.
The FCUA already allows federal credit unions to sell their loans, as well as exercise such incidental powers as shall be necessary or requisite to enable it to carry on effectively the business for which it is incorporated, the act reads.
The FCUA doesn't mention a vice chairman office at all.
That argument makes for a great sound bite, but Keating needs to read the FCUA more closely before he makes such grandiose claims of statutory violation.
Nowhere in the FCUA does it say credit unions can only serve consumers of modest means.
As I look out at a credit union system that is operating in an increasingly complex marketplace, I believe the best way to honor the FCUA is to ensure that credit unions survive and thrive well into the future.
This is among the most critical steps NCUA is taking to help the credit union system complete its recovery, thrive well into the future, and honor the intent of the original FCUA.
which would give credit unions an additional tool to promote sufficient capital stability by amending the definition of "net worth" in the FCUA.