- Jul 18, 2023 Date of publishing
- 6 Pages
Since the Federal Credit Union Act of 1934 became law, U.S. Credit Unions have consistently been the early adopters of new product trends and technologies in banking.
The Federal Credit Union Act established the National Credit Union Administration (NCUA) as a regulatory body that oversees the unique needs of cooperative banking, apart from the retail and commercial banking sector, regulated by the Federal Deposit Insurance Corporation (FDIC).
Part of the motivation for the Credit Union Act of 1934 was to counter an ongoing power grab by Industrialists, and to give banking cooperatives, savings and loans, and mutuals, a way to exist without excessive regulation and control – particularly regulation and control dictated by central banks.