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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.
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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.
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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
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.
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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.

Supervisory Committee Members

96-1136 / December 1996

Supervisory Committee Members

Subject

Governance

Historic Status

Non-historic

Ms. Shewan M. Holmes
Manager, IEC Federal Credit Union
P.O. Box 3787
Springfield, IL 62708

Re: Supervisory Committee Members (Your November 22, 1996, Letter)

Dear Ms. Holmes:

You have written seeking a legal opinion on the permissibility of members of the supervisory committee also serving as loan officers. Specifically, you ask if this is a violation of the Federal Credit Union Act (Act). Although not a violation of the Act, the practice you have described is a violation of sound internal controls and should be discontinued. I have enclosed for your review the provision in NCUA's Accounting Manual which discusses the importance of sound internal controls as well as a chart showing the positions in a federal credit union and the persons who are prohibited from holding them.

Sincerely,

Michael J. McKenna
Acting Associate General Counsel

GC/MFR:bhs
SSIC 3000
96-1136

Enclosure
cc: Nicholas Veghts, Region IV Director

Last modified on

11/14/24