Federal Credit Union Act
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| Financial regulation in the United States | |
| Dodd-Frank Act | |
| Federal Reserve | |
| Financial regulation by state | |
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| Key terms | |
| Commercial bank • Credit union • Depository institution • Financial system • Investment banking • Securities | |
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The Federal Credit Union Act was a federal law passed in 1934. According to the National Credit Union Administration, the act was passed to promote a national system of nonprofit credit unions. The act established the Bureau of Federal Credit Unions, a government agency that preceded the National Credit Union Administration. The Federal Credit Union Act was signed into law by President Franklin D. Roosevelt (D) on June 26, 1934.[1]
Legislative history
The Federal Credit Union Act was introduced to the United States Senate by Senator Morris Sheppard (D) as three bills on May 11, 1933. On May 10, 1934, the Senate voted to approve the bill. An amended version of the act passed by Senate was adopted by the United States House of Representatives on June 15 , 1934, by a vote of 180-2. The House version of the act cleared Senate and was signed into law by President Franklin D. Roosevelt (D) on June 26, 1934.[2]
Provisions
The Federal Credit Union act created the federal credit union system, including the Bureau of Federal Credit Unions. This agency was renamed as the National Credit Union Administration (NCUA) in 1970. The act established the structure, responsibilities, and authorities of the bureau.[1]
The act established the system of dual chartering, which permitted credit unions to be established under either state law or federal law, and mandated that federal credit unions organized under the Federal Credit Union Act be treated as entities of the federal government.[1]
See also
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Footnotes
