Federal Credit Union Act

The Federal Credit Union Act is a law established in 1934 that governs federal credit unions in the United States. It allows these not-for-profit organizations to provide financial services, like savings accounts and loans, to their members, who typically share a common bond such as working for the same employer or living in the same community. The Act promotes access to affordable financial services, emphasizes member ownership and democratic control, and sets regulations to ensure safety and soundness. The National Credit Union Administration (NCUA) oversees the compliance and insurance of these institutions.