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About
Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Regulation & Supervision
Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
Analysis
Analysis
The NCUA’s economists and analysts compile data on the credit union system’s financial performance, merger activity, changes in credit union chartering and fields of membership, as well as broader economic trends affecting credit unions. Users can find information on a single credit union or analyze broader nation-wide trends.
Support Services
Support Services
The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
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Cybersecurity Resources
Cybersecurity Resources
Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

Bylaws

97-0327 / March 1997

Bylaws

Subject

Bylaws

Historic Status

Non-historic

March 28, 1997

David P. Hagar, Manager
Baltimore County Employees FCU
23 W. Susquehanna Avenue
Towson, MD 21204-5291

Re: Bylaws (Your May 19, 1997, Letter)

Dear Mr. Hagar:

You have asked whether a federal credit union (FCU) may only offer membership to entities composed exclusively of individuals within the field of membership. As explained below, unless the entity is specifically named in the FCU's charter, this limitation applies.

You state that your FCU's charter includes in its field of membership "organizations of such persons." Article XVIII, Section 2(b) of the FCU Bylaws defines "[o]rganizations of such persons" as "an organization or organizations composed exclusively of persons who are within the field of membership of this credit union." (Emphasis added). Therefore, unless the entity is composed exclusively of persons currently within the field of membership --for example, all the stockholders of the corporation or all the partners of the partnership-- it does not qualify for membership. It is normally difficult for a corporation, other than a closely held corporation with only a limited number of stockholders, to qualify.

I hope that we have been of assistance.

Sincerely,

Sheila A. Albin
Acting Associate General Counsel

GC/MFR:bhs
SSIC 6010
97-0327

Last modified on

11/14/24