Vermont is a northeastern U.S. state in the New England region. It borders the states of Massachusetts to the south, New Hampshire to the east, and New York to the west, and the Canadian province of Quebec to the north. Vermont is the only state in New England that does not border the Atlantic Ocean. Vermont is the second-smallest by population and the sixth-smallest by area of the 50 U.S. states. The state capital is Montpelier, the least populous state capital in the United States. The most populous city, Burlington, is the least populous city to be the most populous city in a state.
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings banks. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category.
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions. CDs differ from savings accounts in that the CD has a specific, fixed term and usually, a fixed interest rate. The bank expects CD to be held until maturity, at which time they can be withdrawn and interest paid.
The National Credit Union Administration (NCUA) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 111 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. As of September 2016, there were 5,573 federally insured credit unions, with assets totaling more than $1.38 trillion, and net loans of $957.3 billion. The NCUA exclusively insures credit unions, whereas commercial banks and savings institutions are insured by the Federal Deposit Insurance Corporation.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
Deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
Digital Federal Credit Union (DCU) is a credit union based in Marlborough, Massachusetts. It has over 800,000 members and is the largest credit union headquartered in New England as measured by assets, managing over US $8 billion. DCU is regulated under the authority of the National Credit Union Administration (NCUA) of the US federal government.
The Equal Credit Opportunity Act (ECOA) is a United States law, enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age ; to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions.
The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970, the Share Insurance Fund is administered by the National Credit Union Administration, an independent federal financial regulator. The Share Insurance Fund is funded completely by participating credit unions, and not one penny of insured savings has ever been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the full faith and credit of the United States government.
Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States.
Credit unions in the United States serve 100 million members, comprising 43.7% of the economically active population. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2016, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $75 billion in assets and over 6.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 NCUA Credit Union Directory.
Commonwealth Credit Union is a state chartered credit union headquartered in Frankfort, Kentucky. Commonwealth is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Commonwealth is the second-largest credit union in Kentucky and had $1.27 billion in assets, 103,513 members, and 15 branches as of 2019.
Del-One is a federally chartered credit union headquartered in Dover, Delaware and regulated under the authority of the National Credit Union Administration (NCUA). Del-One is the second largest credit union in Delaware in assets. As of January 2011, Del-One had $272 million in assets, serving over 40,000 members, and 7 branches. Member deposits up to $500,000 in Del-One are insured by $250,000 through the National Credit Union Share Insurance Fund, and an additional $250,000 through Excess Share Insurance.
Call Federal Credit Union is a federally insured, not-for-profit financial cooperative headquartered in Richmond, Virginia. It is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Call Federal Credit Union is the second-largest Richmond-based credit union. As of December 31, 2018, Call Federal Credit Union had $400 million USD in assets and 33,000 members. In accordance with the Federal Credit Union Act of 1934, Call Federal Credit Union is a tax-exempt, federally chartered, federally insured, not-for-profit financial cooperative. Call Federal Credit Union accounts are insured up to $250,000 through the NCUA, which is comparable to the insurance provided to accounts at traditional banks via the Federal Deposit Insurance Corporation.
Canada has the highest per-capita membership in credit unions in North America. More than a third of the population is a member of at least one credit union. Credit union membership is largest in Quebec, where they are known as caisses populaires, and in western Canada.
The Credit Union Share Insurance Fund Parity Act is a bill that would expand federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions.
H.R. 3584 is a bill that would amend the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank. This change would make such credit unions "eligible for membership in the Federal Home Loan Bank System."
Southland Credit Union is a not-for-profit community-chartered credit union in California serving the residents of Orange County, the Gateway Cities of Los Angeles County and the communities of Downtown Los Angeles and Santa Monica. Membership to Southland Credit Union is also available to employees of approximately 300 Select Employer Groups (SEG). As of December 2016, Southland Credit Union reported its assets exceed $725 million and are serving over 60,000 Members.
