FCUAFederal Credit Union Act
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(19) "A credit union is a non-profit, member owned, and democratically controlled institution, chartered with the purpose of making loans available to people of small means." (20) Federal credit unions were authorized under the FCUA. (21) This act "established] a system of credit unions to facilitate the stabilization of the nation's credit structure and to achieve an increased availability of loans.
Don't join and you won't' (FCUA, NSW Branch, Central Council Minutes, 1.5.1954, 2.5.1954).
The FCUA clearly reflected Congressional intent to create a class of federally chartered financial institutions that would operate in a safe and sound manner:
The Credit Union Audit Improvement Act of 1997 (HR 2552) would amend the FCUA to require each federally insured credit union to
(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.
The NCUA could update its definition of service facility to include technology like mobile deposit, but it still faces a reasonable proximity requirement in the FCUA that is presumed to be physical, not digital.
"Although such an approach is not unhelpful from an administrative and rule implementation perspective, the RBNW regulation must follow the express language of the FCUA. As such, the NCUA board must designate credit unions as complex only based on a definition of that term that encompasses credit unions' portfolios of assets and liabilities as specifically required by the FCUA."
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.
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.