The NCUA is the independent federal agency that charters and supervises federal credit unions and enforces safety-and-soundness rules. It also runs the National Credit Union Share Insurance Fund, which insures deposits at federally insured credit unions (up to $250,000 per account), playing a role for credit unions similar to what the FDIC plays for banks.
Created by Congress under the Federal Credit Union Act (NCUA established as an independent agency by the 1970 amendments, Pub. L. 91-206; the three-member Board replaced the single Administrator under the Financial Institutions Regulatory and Interest Rate Control Act of 1978, Pub. L. 95-630, eff. 1979) (12 U.S.C. 1752a; Pub. L. 91-206 (1970); Pub. L. 95-630 (1978)), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
