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Introduction to âFederal Credit Union Actâ
TO FIND THE FEDERAL CREDIT UNION ACT ONLINE
1) Search online at Google for âFederal Credit Union Actâ
2) -- Click on [PDF]
THE FEDERAL CREDIT UNION ACT
File Format: PDF/Adobe Acrobat
amended section 434 of the Higher Education Act to permit continued participation by Federal credit unions in both programs ...
www.ncua.gov/Resources/RegulationsOpinionsLaws/...act/fcu_act.pdf
3) -- Also try:
US CODE: Title 12,CHAPTER 14âFEDERAL CREDIT UNIONS / CHAPTER 14âFEDERAL CREDIT UNIONS. How Current is This? § 1751. Short title; § 1751a. Omitted; SUBCHAPTER IâGENERAL PROVISIONS; SUBCHAPTER IIâSHARE INSURANCE ...
www.law.cornell.edu/uscode/12/ch14.html
4) Credit Unions (CU) are not what they seem to be on the face of it. In my opinion, they are often started by people who think the only difference between them and banks is that the Credit Union is a non-profit.
5) That is simply not true. The primary difference is that Federal Reserve Banks can create money in accordance with the Constitutional Mandate that Congress has a right âcreateâ money and regulate the value thereof. That Right was transfered to the (a) Federal Reserve System and (b) local banks under their supervision in 1913. Credit Unions canât Create Money. They can only lend money they get from their members and a small amount of money they borrow from banks and others.
The following was written in 1964 by Wright Patman -- head of the banking Committee of the House of Representatives in âA primer on Moneyâ. See #124 on page 20 of Booklet #7.
âAs we have previously pointed out, only the Government and the private commercial banks create money. Money lent by individuals, insurance companies, mutual savings banks, building and loan associations, credit unions, and industrial and commercial firms comes out of savings. Whatever individuals and these firms lend reduces the amount which they have left to spend.â
6) Study THE FEDERAL CREDIT UNION ACT and you should be able to tell if your group or community would be better off as a bank or a CU.