The Federal Credit Union Act (FCUA) is the source of authority for all federally chartered credit unions and governs the coverage and terms of insured accounts at all federally insured credit unions. It also determines the structure and duties of the National Credit Union Administration (NCUA).
The FCUA was enacted in 1934 and amended a number of times.
Excerpt from Federal Credit Union Act
AN ACT To establish a Federal Credit Union System, to establish a further market for securities of the United States and to make more available to people of small means credit for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.
Read the entire Federal Credit Union Act here.