But as member-owned institutions, credit unions focus on providing a safe place to save and borrow at reasonable rates. 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. But, credit unions continue to provide needed financial services to millions of Americans.NCUA and its more than 1,200 employees continue to work to protect and enhance a credit union system that is safe, sound, and secure.Explore the development of credit unions in the U.S., and learn more about the history of NCUA with our Like banks, credit unions accept deposits and make loans. The law enabled credit unions to be organized throughout the United States under charters approved by the federal government. The Federal Credit Union Act (opens new window) was enacted during the depths of the Great Depression, in 1934. Section 701.21 is promulgated pursuant to the NCUA Board's exclusive authority as set forth in section 107(5) of the Federal Credit Union Act (12 U.S.C 1757(5)) to regulate the rates, terms of repayment and other conditions of Federal credit union loans and lines of credit (including credit cards) to members.
The purpose of the law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions.
Section 107(5)(A)(ii) of the FCU Act, implemented in § 701.21(f) of the NCUA’s regulations, states that “ a loan to finance the purchase of a mobile home, which shall be secured by a first lien on such mobile home, to be used by the credit union member as his residence, a loan for the Credit union law in the U.S. built on earlier legislation such as that developed by The Act is amended periodically to evolve and remain a modern credit union law. A Federal credit union may purchase and hold a municipal security, as defined in section 107(7)(K) of the Act, only if it conducts and documents an analysis that reasonably concludes the security is at least investment grade. The Federal Credit Union Act is an Act of Congress enacted in 1934. See the view from your seat at Dort Federal Credit Union Event Center. In the years since the passage of the Federal Credit Union Act, credit unions have evolved and are larger and more complex today than those first institutions. June 26, Anniversary of the Federal Credit Union Act. For example, in addition to basic passbook share Federal credit unions organized and operated in accordance with the Federal Credit Union Act are considered entities of the United States government; they are tax-exempt under Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U) Seating view photos from seats at Dort Federal Credit Union Event Center, section 107, home of Flint Firebirds.