NCUA

What is the primary mission of the NCUA?

• Promote fair lending practices
• Protect the safety and soundness of the credit union system and promote consumer financial protection
• Administer deposit insurance for banks
• Regulate and supervise state-chartered credit unions

Which of the following is NOT an importance of the NCUA?

• Promoting fair lending practices
• Ensuring the safety and soundness of credit unions
• Administering deposit insurance coverage for member deposits
• Promoting consumer financial protection

How is the NCUA structured?

• It is headed by a five-member Board appointed by the President and confirmed by the Senate
• It is headed by a three-member Board appointed by the President and confirmed by the Senate
• It is governed by Congress
• It is headed by the Chairman of the Federal Reserve

What is the purpose of the National Credit Union Share Insurance Fund (NCUSIF)?

• Administer deposit insurance coverage for member deposits at federally insured credit unions
• Provide loans to credit unions
• Regulate consumer protection laws
• Conduct examinations of credit unions

What does the NCUA do to ensure compliance with regulations and best practices?

• Issue enforcement orders
• Appoint a conservator or liquidate credit unions if necessary
• Conduct routine examinations of credit unions
• Establish rules and regulations

Which entity provides deposit insurance coverage for member deposits at federally insured credit unions?

• Federal Reserve System
• Office of the Comptroller of the Currency
• National Credit Union Share Insurance Fund (NCUSIF)
• Federal Deposit Insurance Corporation (FDIC)

What is the role of the NCUA in relation to consumer protection?

• Administering consumer protection laws and regulations
• Investigating potential violations of consumer financial protection laws
• Addressing consumer complaints
• All of the above

What authority does the NCUA have in chartering new federal credit unions?

• Review charter applications
• Conduct on-site examinations
• Provide guidance and support to credit unions
• All of the above

What does the NCUA assess during routine examinations of credit unions?

• Asset quality
• Financial condition
• Compliance with applicable laws and regulations
• All of the above

Which of the following is NOT a responsibility of the NCUA?

• Establishing rules, regulations, and guidelines for credit unions
• Managing the National Credit Union Share Insurance Fund (NCUSIF)
• Chartering and supervising state-chartered credit unions
• Managing the Federal Deposit Insurance Corporation (FDIC)