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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.
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Analysis
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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
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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.

Use of an Attorney

93-1228 / January 1994

Use of an Attorney

Subject

Mortgage Lending

Historic Status

Non-historic

January 3, 1994

Benjamin Lookofsky, Esq.
East Side Court Square
P.O. Box 696
Mayfield, Kentucky 42066

Re: Use of Attorney (Your December 20, 1993, Letter)

Dear Mr. Lookofsky:

You have asked whether a federal credit union can require the use of a specific attorney (who does the bulk of the FCU's legal work) to process the legal work in connection with an FCU mortgage loan, even though the buyer and seller would prefer to use a different attorney. This practice does not violate either the Federal Credit Union Act or NCUA's Regulations as long as the attorney is not an official of the FCU as specified in Section 701.21(c)(8) of NCUA's Regulations (12 C.F.R. 701.21(c)(8)).

Sincerely,

Richard S. Schulman
Acting Associate General Counsel

GC/MM:sg
SSIC 3501
93-1228

Last modified on

11/14/24

Use of an Attorney

Footnotes