National Credit Union Administration
Official seal
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| Agency overview | |
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| Formed | March 10, 1970 |
| Preceding agency | |
| Jurisdiction | Federal government of the United States |
| Headquarters | Alexandria, Virginia |
| Employees | 1,224 (2015) |
| Annual budget | $290.9 million (2015) |
| Agency executives |
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| Website | www |
The National Credit Union Administration (NCUA) is the independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 105 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. As of September 2016[update], there were 5,844 federally insured credit unions, with assets totaling more than $1.3 trillion, and net loans of $847.1 billion.
The NCUA is governed by a three-member board appointed by the President of the United States and confirmed by the Senate. The President also chooses who will serve as Chairman. Board members serve six-year terms, although members often remain until their successors are confirmed and sworn in.
The NCUA is administered through five regional offices, each responsible for specific states and territories.
As part of the New Deal, President Franklin D. Roosevelt signed the Federal Credit Union Act into law in 1934. The law allowed the chartering of federal credit unions in all states. The federal law sought to make credit available and promote thrift through a national system of nonprofit, cooperative credit.
At first, the newly created Bureau of Federal Credit Unions was housed at the Farm Credit Administration. Regulatory responsibility shifted over the years as the bureau migrated from the Federal Deposit Insurance Corporation to the Federal Security Agency, then to the Department of Health, Education, and Welfare.
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