National Credit Union Administration (NCUA)

The National Credit Union Administration (NCUA) is an independent agency of the United States government that charters and supervises federal credit unions. The NCUA also provides insurance for member deposits in federal credit unions.

The NCUA was created by the Federal Credit Union Act of 1934 in response to the Great Depression. The act was designed to promote the establishment and growth of credit unions as a source of financial services for people of modest means.

The NCUA is governed by a board of directors appointed by the President of the United States. The board is responsible for setting policy for the NCUA and overseeing its operations.

The NCUA has a staff of over 2,000 employees who are responsible for carrying out the agency's mission. The NCUA's headquarters are located in Washington, D.C., but the agency has regional offices located throughout the United States.

The NCUA charters and supervises federal credit unions. Federal credit unions are nonprofit financial cooperatives that are owned by their members. Federal credit unions offer a variety of financial services to their members, including savings accounts, checking accounts, loans, and credit cards.

The NCUA also provides insurance for member deposits in federal credit unions. The NCUA's deposit insurance program is designed to protect the savings of federal credit union members in the event that a credit union fails.

The NCUA plays an important role in the financial system of the United States. The agency helps to promote the establishment and growth of credit unions, which provide a valuable source of financial services for people of modest means. The NCUA also helps to protect the savings of federal credit union members.