ALEXANDRIA, Va.– NCUA has marked its 50 anniversary as an independent federal agency.
Federal supervision of credit unions goes back to 1934 and the Federal Credit Union Act, which placed the new Federal Credit Union Division in the Farm Credit Administration. In 1942, federal supervision of credit unions was transferred to the Federal Deposit Insurance Corp. (FDIC), and in 1948 the Federal CU Division was renamed the Bureau of Federal Credit Unions and moved to the Federal Security Agency.
In 1953, the Bureau of Federal Credit Unions moved to the new Department of Health, Education and Welfare, where it remained for 17 years. In 1970, Congress created NCUA, as well as the National Credit Union Share Insurance Fund, which initially insured CU account deposits up to $20,000.
“We are marking a notable anniversary for the credit union industry: 50 years ago today, on March 10, 1970, the National Credit Union Administration was established as an independent regulator of our nation’s system of cooperative credit,” said NCUA Chairman Rodney Hood in a statement. “The creation of an independent NCUA was a significant recognition of the growing importance of federally insured credit unions within the financial ecosystem.
“Today, as we honor our history, I reaffirm my commitment to improving the culture at NCUA by making it an even better place to work in the years ahead,” continued Hood. “I also look forward to credit unions’ continued record of outstanding service to their members and communities.”
Hood noted NCUA currently oversees approximately 5,200 federally-insured credit unions, with roughly $1.57 trillion in assets, and protects the insured shares of more than 120 million member-owners.