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Dual Chartering
Dual chartering refers to the system by which credit unions in the United States can be chartered under either of two governmental authorities; by either the federal government or by the state government.Rubenstein, JimDual Chartering Becomes Nebraska 'Concern'.''Credit Union Times.'' 5 Dec. 2007. This system exists because of the Federal Credit Union Act, which Congress passed in 1934. *Federally chartered credit unions (those with “Federal Credit Union” in their names) are chartered under the authority of the National Credit Union Administration. Federal credit unions insure their members share accounts through the National Credit Union Share Insurance Fund (NCUSIF), which guarantees the safety and soundness of the credit union. *State chartered credit unions may exist in states that allow for the chartering of financial institutions under the authority of the state. Unlike federally chartered credit unions, state chartered credit unions in some states may choose to insure th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Unions
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016. Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a half t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Credit Union Act
The Federal Credit Union Act is an Act of Congress enacted in 1934. The purpose of the law was to make credit available and promote thrift through a national system of nonprofit, cooperative credit unions. This Act established the federal credit union system and created the Bureau of Federal Credit Unions, the predecessor to the National Credit Union Administration, to charter and oversee federal credit unions. The general provisions in the Federal Act were based on the Massachusetts Credit Union Act of 1909,Presently codified at Mass. Gen. Laws ch. 171, §§ 1-84 (2008) 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 existence today. Credit union law in the U.S. built on earlier legislation such as that developed by Franz Hermann Schulze-Delitzsch in Germany and Alphonse Desjardins in Cana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970, the Share Insurance Fund is administered by the National Credit Union Administration, an independent federal financial regulator. The Share Insurance Fund is funded completely by participating credit unions, and not one penny of insured savings has ever been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the full faith and credit of the United States government. As of December 2016, Share Insurance Fund insured an estimated $1 trillion in member shares in more than 5,800 federally insured credit unions. Funding, premiums and dividends In 1970, Congress approved, and President Richard M. Nixon signed, Public Law 91-206 (see 12 U.S.C.br>§§ [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Share Insurance
American Share Insurance (ASI) is a private corporation which insures shares (deposits) in some state chartered credit unions in the United States. ASI was established in 1974 as the Ohio Credit Union Shareholders Guaranty Association, changing its name several times until it adopted the name American Share Insurance in 1991. It is the largest privately owned insurance corporation for credit unions. ASI is headquartered in Dublin, Ohio. Coverage Credit unions carrying ASI’s private insurance must state that funds deposited in the credit union are insured by a private organization, and that no government or government entity guarantees accounts in that particular credit union. ASI also offers Excess Share Insurance to subscribing state and Federal credit unions which protects member share accounts from $250,000 to $500,000. This product is used by credit unions which have National Credit Union Share Insurance Fund The National Credit Union Share Insurance Fund provides d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of Credit (finance), credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members having been added since 2016. Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Credit Unions
Credit unions are not-for-profit financial cooperatives. In the early stages of development of a nation's financial system, unserved and underserved populations must rely on risky and expensive informal financial services from sources like money lenders, ROSCAs and saving at home. Credit unions proved they could meet demand for financial services that banks could not: from professional, middle class and poorer people. Those that served poorer urban and rural communities became an important source of microfinance. The first working credit union models sprang up in Germany in the 1850s and 1860s, and by the end of the 19th Century had taken root in much of Europe. They drew inspiration from cooperative successes in other sectors, such as retail and agricultural marketing (see history of the cooperative movement). Similar institutions were independently developed somewhat earlier in Japan, in the early 19th century, by agrarian reformer and economist Ninomiya Sontoku. In this vill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
