Who governs credit unions?
A. A credit union receives its authority to operate by obtaining a federal or state charter. State chartered credit unions follow the the regulation set by the State Credit Union Act; federally chartered ones fall under the Federal Credit Union Act. Annual examinations and oversight is conducted by the supervisory agencies- the (NCUA) for federal credit unions – and the Pennsylvania Department of Banking for credit unions chartered under Pennsylvania laws.
A. A credit union receives its authority to operate by obtaining a federal or state charter. Federally chartered credit unions follow the regulations set by the Federal Credit Union Act, and state chartered credit unions follow those under the State Credit Union Act. Annual examinations and oversight is conducted by the supervisory agencies-the National Credit Union Administration (NCUA) for the federal credit.
