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Under the Federal Credit Union Act, the NCUA is required to send any funds received to the U.
Consumers' options for managing their finances were greatly broadened on this date in 1934 after President Roosevelt signed the Federal Credit Union Act the day before, promoting the nationwide formation of credit unions.
In 1934, Congress passed the Federal Credit Union Act, allowing not-for-profit credit unions a federal tax exemption status with the purpose of making credit available to "people of small means" It gave those who needed loans an alternative to banks that would not lend to them.
Bureau of the Census 1975, 1,049) and 2,500 by 1934, when the Federal Credit Union Act created federal credit union charters (U.
Congress incorporated the common bond concept into Federal Credit Union Act of 1934 by emphasizing the fact that credit unions' members must be united by a "common bond of occupation or association, or belong to groups within a well-defined neighborhood, community, or rural district".
iv) An insured credit union as defined in section 101 of the Federal Credit Union Act (12 U.
For this definition, banks refer to the 1934 Federal Credit Union Act, which stated, "Federal credit union membership shall be limited to groups having a common bond.
The court interpreted the Federal Credit Union Act as limiting membership in a federal credit union to individuals sharing a single common bond.