An official website of the United States government

News Español Contact Us

About
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.
News
News
Stay up to date on the NCUA's activities by subscribing to the NCUA's Express messages. Read press releases, speeches, testimony, and Annual Reports. Register for upcoming conferences and events.
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.

Members Elected to the BOD

97-0515 / June 1997

Members Elected to the BOD

Subject

Governance

Historic Status

Non-historic

June 5, 1997

Jonathan Rhodes, Manager/CEO
Georgetown University Employees Federal Credit Union
3700 Reservoir Road, N.W.
Room B7
Washington, D.C. 20007-2197

Re: Members Elected to the BOD, Your letter dated May 5, 1997.

Dear Mr. Rhodes:

You have asked whether a federal credit union (FCU) policy that requires members elected to the board of directors to demonstrate their creditworthiness to the supervisory committee prior to assuming office is permissible. The policy you have described is not permissible because it gives discretion to the supervisory committee to prohibit an individual from serving on the board of directors. It could be enforced to serve as an absolute bar against an FCU member serving on the board of directors. This is in conflict with the Federal Credit Union Act.

The attached letter from James J. Engel to Karl F. Rapp, dated June 30, 1991, explains the options available to an FCU in dealing with the creditworthiness of its future board members.

Sincerely,

Sheila A. Albin
Associate General Counsel

GC/MFR:bhs
SSIC 6100
97-0515

Enclosure

cc: Region II

Last modified on

11/14/24