NAFCU NCCO ExAm 1 QUEstiONs ANd
VEriFiEd ANswErs LAtEst 2025
GrAdEd A+
◉APA (Administrative Procedure Act) Answer: Establishes specific
procedures for issuing proposed rules and providing time for public
comment on proposals
◉FCU Act Answer: Enacted by Congress in 1934, amended in 1970 -
created NCUA.
◉Title 1 General Provisions Answer: Express and incidental powers
◉Title II Share Insurance Answer: National Credit Union Share
Insurance Fund (NCUSIF). NCUA managed. $250,000 Share insurance.
Credit Unions must maintain at least 1% of shares in NCUSIF.
◉Title III Central Liquiduty Fund Answer: Mixed ownership
government corp to provide liquidity to credit unions experiencing or
unusual or unexpected liquidity shortfalls. Regular or agent ownership.
, ◉Research and Compliance Resources Answer: Legal Opinion Letters
(LOL), Letters to Federal Credit Unions and Interpretive Rulings and
Policy Statements (IRPS)
◉Dodd-Frank Act Answer: Enacted 2010, created CFPB - authority to
define Unfair, Deceptive or Abusive Acts or Practices (UDAAP)
◉CFPB authority over Answer: Interpreting and enforcing enumerated
consumer laws except Truth in Savings - NCUA and consumer
complaints
◉FCU Organization Answer: - Democratic
- Run by BOD and overseen by SC
- CU employees responsible for carrying out operations
- Members are part owners
◉FCU Bylaws Answer: Contract between CU and members, FCUs
have own unique version of bylaws
Bylaw provisions:
Qualifications for membership
Confidentiality
Records
Indemnification
VEriFiEd ANswErs LAtEst 2025
GrAdEd A+
◉APA (Administrative Procedure Act) Answer: Establishes specific
procedures for issuing proposed rules and providing time for public
comment on proposals
◉FCU Act Answer: Enacted by Congress in 1934, amended in 1970 -
created NCUA.
◉Title 1 General Provisions Answer: Express and incidental powers
◉Title II Share Insurance Answer: National Credit Union Share
Insurance Fund (NCUSIF). NCUA managed. $250,000 Share insurance.
Credit Unions must maintain at least 1% of shares in NCUSIF.
◉Title III Central Liquiduty Fund Answer: Mixed ownership
government corp to provide liquidity to credit unions experiencing or
unusual or unexpected liquidity shortfalls. Regular or agent ownership.
, ◉Research and Compliance Resources Answer: Legal Opinion Letters
(LOL), Letters to Federal Credit Unions and Interpretive Rulings and
Policy Statements (IRPS)
◉Dodd-Frank Act Answer: Enacted 2010, created CFPB - authority to
define Unfair, Deceptive or Abusive Acts or Practices (UDAAP)
◉CFPB authority over Answer: Interpreting and enforcing enumerated
consumer laws except Truth in Savings - NCUA and consumer
complaints
◉FCU Organization Answer: - Democratic
- Run by BOD and overseen by SC
- CU employees responsible for carrying out operations
- Members are part owners
◉FCU Bylaws Answer: Contract between CU and members, FCUs
have own unique version of bylaws
Bylaw provisions:
Qualifications for membership
Confidentiality
Records
Indemnification
