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The National Credit Union Administration is the U.S. independent federal agency that supervises and charters federal credit unions. As of December 31, 2022, there were 4,760 federally insured credit unions in the United States with 135.3 million members.
As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. [5] Total credit union assets in the U.S. reached $1 trillion as of March 2012. [6]
M&T Bank. Del-One Federal Credit Union. Florida. Wells Fargo. Suncoast Credit Union. Georgia. Truist Bank. Delta Community Credit Union. Hawaii. Bank of Hawaii. HawaiiUSA Federal Credit Union. Idaho.
A branch of the Coastal Federal Credit Union in Raleigh, North Carolina. A credit union is a member-owned nonprofit cooperative financial institution.They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
The Federal Deposit Insurance Corporation federally insures most traditional banks in case of failure. But credit unions are not considered traditional banks. Is a credit union FDIC insured?
Northwest Federal Credit Union (NWFCU) is an American credit union based in Herndon, Virginia. The company was founded as CIA Federal Credit Union in 1947 and was renamed in 1955. Northwest has over US$ 4 billion in assets and is regulated by the National Credit Union Administration (NCUA), serving more than 279,000 members throughout Northern ...
Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration. The Financial Institutions Regulatory and Interest Rate Control Act of 1978 established the Federal Financial Institutions Examination Council (FFIEC) with uniform principles, standards, and report forms for the other agencies. [2]
The general provisions in the Federal Act were based on the Massachusetts Credit Union Act of 1909, [2] and became the basis of many other state credit union laws. Under the provisions of the Federal Credit Union Act, a credit union may be chartered under either federal or state law, a system known as dual chartering, which is still in ...