ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -What is an NCUA-Insured Institution? An NCUA-insured institution is a financial institution that is a participant of the National Credit Union Administration (NCUA) program. Most NCUA insured institutions are federal-and state-chartered credit unions and savings banks.

Detailed explanation-3: -A three-member Board of Directors oversees the NCUA’s operations by setting policy, approving budgets and adopting rules and regulations. Each Board member is appointed by the president and confirmed by the Senate. The president also designates the Chairman of the NCUA Board.

Detailed explanation-4: -(ɛn si yu eɪ) or National Credit Union Administration. abbreviation. (Finance: Banking) The NCUA is a US government agency that monitors federal credit unions. The NCUA charters and examines the books of federally chartered credit unions and imposes restrictions on assets they can hold.

Detailed explanation-5: -A: Deposit products include checking accounts, savings accounts, CDs and MMDAs and are insured by the FDIC. The amount of FDIC insurance coverage you may be entitled to, depends on the ownership category. This generally means the manner in which you hold your funds.