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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.

Sponsor Liability

94-0118 / January 1994

Sponsor Liability

Subject

Governance

Historic Status

Non-historic

January 24, 1994

Carolyn McCandless, President
SRU Federal Credit Union
Slippery Rock University
Slippery Rock, PA 16057

Subject: Sponsor Liability (Your January 11, 1994, Letter)

Dear Ms. McCandless:

You have requested an opinion from this Office concerning your sponsor's ability to participate in the control of the credit union. A Federal credit union is a legal entity separate and apart from the sponsoring organization. The sponsoring organization serves as the "group possess(ing) a recognizable and appropriate common bond" and provides the initial viability to get the credit union started. See 12 C.F.R. 701.1 and Interpretative Ruling and Policy Statement 89-1 -- Chartering and Field of Membership Policy.

I hope this information is of assistance.

Sincerely,

Richard S. Schulman
Acting Associate General Counsel

GC/RSS:bhs
SSIC 3600
94-0118

Last modified on

11/14/24

Sponsor Liability

Footnotes