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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.

FCUs Tax Exempt Status

91-0710 / July 1991

Subject

Tax Exemption

Historic Status

Non-historic

Ms. Barbara Bohmann,
Treasurer-Manager
Auburn University Federal Credit Union
Donahue & Thach
Auburn University
Alabama 36849-5326

Re: Tax-exempt Status of Federal Credit Unions (Your June 28, 1991 Letter)

Dear Ms. Bohmann:

You asked whether federally chartered credit unions qualify as Section 501(c) organizations under the Internal Revenue Code. Please be advised that federal credit unions are exempt from taxation pursuant to I.R.C. Section 501(c)(1), 26 U.S.C. ~501(c)(1).

Sincerely,

James J. Engel
Deputy General Counsel

GC/MRS:sg
SSIC 3000
91-0710

Last modified on

11/14/24

FCUs Tax Exempt Status

Footnotes