CU (Questions and correct answers)

What does NAFCU Stand for? correct answers National Association of Federally Insured Credit Unions What is the NAFCU? correct answers It is a direct membership association for federally insured credit unions. It is essentially a trade association that advocates for credit unions at a federal level. FEDERAL ADVOCACY. What are some things NAFCU has accomplished? correct answers 1. Successfully defended the National Credit Union Share Insurance Fund (NCUSIF) in the 1990s when regulators were seeking to change it. 2. Only trade association to oppose the CFPBs authority over credit unions. What does NCUA stand for? correct answers National Credit Union Administration When was the NCUA created? correct answers 1970, the same year that CU*Answers was founded. What does the NCUA do? correct answers It is an independent federal agency that INSURES deposits at federally insured credit unions and REGULATES federal credit unions. Does the same thing the FDIC does for banks. Charged with protecting the SAFETY and SOUNDNESS of the credit union system by administering the National Credit Union Share Insurance Fund (NCUSIF). Member of the Federal Financial Institutions Examination Council (FFIEC). What does NCUSIF stand for? correct answers National Credit Union Share Insurance Fund What does the NCUSIF protect? correct answers Created in 1970 to protect the deposits in most credit unions What is a Credit Union? correct answers Not-for-profit financial institutions owned and controlled by members, who use their services. They typically offer higher savings rates, lower fees and lower rates on loans. Who manages Credit Unions? correct answers A Volunteer Board of Directors is elected by members to manage a credit union. Are credit unions for profit? correct answers No, they are not-for-profit financial institutions. Profits are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.