Established in 1970. It insures accounts at about 4,500 credit unions serving more than 140 million members, through a fund capitalized by the institutions themselves.
Open the interactive page for NCUA →Created byFederal Credit Union Act of 1934; made an independent agency by P.L. 91-206 (1970); 3-member Board created by P.L. 95-630 (1978)
Head appointed12 U.S.C. § 1752a(b)-(c): President appoints 3 Board members, Senate consent, 6-yr terms (no self-succession after a full term), max 2 from one party; Chairman designated by President (PAS)
Removal standardno statutory protection — the FCU Act is silent on removal of Board members
Funded undernot appropriated — annual operating fees assessed on federal credit unions, 12 U.S.C. § 1755, plus reimbursements from the National Credit Union Share Insurance Fund, 12 U.S.C. § 1783
Congressional oversightHouse Financial Services · Senate Banking, Housing, and Urban Affairs
Inspector generalown OIG (designated federal entity under IG Act — IG appointed by the Board)
Judicial reviewEnforcement orders reviewed in courts of appeals, 12 U.S.C. § 1786(j)(2); rules (e.g., field-of-membership) challengeable via APA § 702 in district court; examination reports shielded from FOIA by Exemption 8, 5 U.S.C. § 552(b)(8)
Join a federal credit union, which is member-owned and elects its own board; comment on NCUA rules.
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