Summary of 1965 state legislation relating to credit unions and savings and loan associations
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Summary of 1965 state legislation relating to credit unions and savings and loan associations

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Published by The Committee in [New York] .
Written in English



  • United States


  • Credit unions -- Law and legislation -- United States -- States.,
  • Savings and loan associations -- Law and legislation -- United States -- States.

Book details:

Edition Notes

StatementState Legislative Committee, the American Bankers Association.
LC ClassificationsKF1008.Z95 A45
The Physical Object
Pagination31 leaves ;
Number of Pages31
ID Numbers
Open LibraryOL4155336M
LC Control Number80135453

Download Summary of 1965 state legislation relating to credit unions and savings and loan associations


Insurance Corporation; similar credit unions organized under the laws of the United States or another state, and insured by the National Credit Union Share Insurance Fund; and savings and loan associations and building and loan associations organized under the laws of this Commonwealth or of the United States; or agents of a person licensed. S T A T E O F N E W Y O R K _____ Regular Sessions I N S E N A T E February 3, _____ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law and the state finance law, in relation to allowing credit unions, savings banks, savings and loan associations . Credit Unions are the financial opposite of banks – they are non-profit, almost exclusively local, and are owned by the people who make deposits. Every member who makes a deposit at a credit union is a part-owner, and can vote on issues relating to the union. They can also get elected to be the managers of the savings and loan. Despite opposition from the banking industry, the Federal Credit Union Act was signed into law in as part of the New Deal, allowing the creation of federally chartered credit unions in the United States. The Credit Union National Association (CUNA) was formed and by , credit unions with million members were active in 45 states.

Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs. Latest Blog Posts Credit Agencies Sued Again for Lowering Student Borrowers' Credit Scores Despite CARES Act.   As credit unions grow larger and more complex, the regulatory framework must keep pace to maintain the strength and stability of the entire credit union system. In our rulemaking, the NCUA responds to these changes and addresses emerging also endeavor to reduce the regulatory burden, where appropriate, and provide credit unions with more flexibility to manage their . The act of redirecting resources from being consumed today so that they may create benefits in the future. Savings and Loans Associations, and Credit Unions. Issued by the state or local government. Used to finance. Highways, state buildings, public works. state credit union acts also name the regulatory agency, establish the agency’s power and The Federal Credit Union Act regulates federal credit unions in a number of impor- and regulations for the application of laws such as the Truth-in-Savings and Fair Housing Acts.

SECTION Particular powers of cooperative credit union; loans to other credit unions. A cooperative credit union may receive the savings of its members in payment for shares, may lend to its members at reasonable rates of interest, not to exceed the rate authorized by law, or may invest, as provided by law, the funds so accumulated, may borrow from banks, savings and loan. Member credit unions gain access to: Live compliance support from our experts; Custom reports and tools; Critical updates on issues, regulation, trends and more; Savings on top-rated education and award-winning certifications; Resources from our trusted, vetted partners; Schedule a customized membership webinar. Credit Union Handbook 1. Purpose of the Credit Union Handbook. In order to assist credit unions in the implementation of the strengthened regulatory framework (see Section 4 below) the Central Bank has developed a Credit Union Handbook ("the Handbook"). For example, the board that runs a credit union is elected by its members. Credit unions provide an alternative to banks and savings and loan associations as safe places in which to place savings and borrow at reasonable rates. Credit unions pool their members' funds to make loans to one another.